Is asking about the Texas ESG ban during a Jefferies PubFin interview a bad idea?
I want to ask my interviewer if she sees Jefferies' stance on underwriting for energy companies changing in the future because the Texas ban is such big news in the pubfin space recently. However, would this be too political/controversial and would it be a bad look for me? I feel like this is something I might end up having to discuss when I get asked about market news, but I don't want to seem like I'm hating on Jefferies' stance.
For context: Jefferies isn't one of the 10 firms (inc. UBS, Credit Suisse) banned by Texas GOP laws from conducting business with the state, which cited the banks' boycotts on the fossil fuel industry. Low-key as a result, Jefferies successfully pitched to lead the largest municipal bond deal ever in Texas history of 3.4 billion this summer and became the #2 underwriter in Texas (which is big because Texas is one of the largest pubfin markets in the US).
Actually probably a fair question. Maybe preface saying "not to get political, just from a regulatory and business development standpoint, how are you navigating the landscape with states with some new anti-ESG legislation?"
Interviews are a two way process, personally I’d be impressed that a prospect was mature enough to try and gain a broader awareness of the firm direction, and would be happy to discuss both the firm stance and my personal views on it. However I am always more open minded about these things, suggest you read the room and save the q for second half of interview.
I personally don’t see the question as problematic since yeah it is a big deal. Not a lot of big banks left working Texas underwriting after this and earlier the gun policies. If Jefferies has supported Texas policies to this point I don’t think they’re changing their stance anytime soon though
It’s a fair question and it’s broader than just Texas, WV’s treasurer has been fairly outspoken about his thoughts about ESG metrics as they intersect with credit ratings. This will likely be a boon for banks that aren’t extending credit e.g. middle markets and boutiques.
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