Comments (27)

  • Incoming Analyst in IB-M&A
Sep 18, 2022 - 11:41pm

Was at another Houston shop this summer. Worked and interacted with a few laterals from Jefferies Houston.

My impression was they absolutely crush A&D due to a combination of having a balance sheet and being able to propose fee %'s lower than a lot of other banks are consistently allowed to. Heard mixed things about pay, last cycle it was insane, this latest bonus was disappointing. Most consistently, I heard the hours are atrocious, even for Houston standards.

Note that these are secondary sources for people who clearly self selected out of that environment. Take that for what you will.

  • Associate 2 in IB-M&A
Sep 19, 2022 - 12:59am

When people say "even for Houston", how bad are we talking generally?

For example, I'm in an industrials group and have averaged 90+ hours consistently since early spring with more than a couple 100+, routine 2-4am. Feels pretty bad to me and seems so compared to many peers. I know things vary significantly firm by firm, week by week, but what is the Houston rep?

I truly can't tell how much of an outlier if at all my bank is but have friends other places who are much more in the 75-80 range at the associate level

Most Helpful
  • Analyst 3+ in IB-M&A
Sep 19, 2022 - 1:22am

This is what I have heard from a couple of close friends who are/were employees at Jeff Houston. I must note that not a single one of them has said there time there was/is good. A lot of these things are coming from current and former employees so don't go off on me for being the messenger.

Pay: Not as good as many make it out to be, on a per hour basis it is actually quite atrocious. $180k sounds amazing (and 180k doesn't happen too often, It has to be a pretty killer year to hit that. What you're really looking at is like $150-160k all in An1) until you realize that you've been working 12-16 hour days and you're really just doing two 90k roles simultaneously. Nearly everyone I know has mentioned how pay really was not as good as some other banks especially when you think about other banks making roughly the same with significantly less hours.

Exits: Exits aren't terrible but I would say this isn't the best place to be if you are looking to go HF or MF PE. I can name a couple banks in Houston that place significantly better into both of those sectors within finance.

Culture: Some of the things I heard about this place through these sources were some of the most messed up things I have heard about IB. From the way juniors are treated, verbal humiliation/slander from seniors, gender/race issues, pay discrimination, "mandatory" hours (even if you're not doing anything you are expected to be there unreasonably late into the night), etc. Again these are stories I have heard, not talking from personal experiences. Though I have heard some of these stories more than once from different individuals so I believe there is something to be said about the truthfulness of some of these stories.

Hours: An absolute sweatshop. They have the highest turnover in all of Houston and one of the highest turnovers in all of IB. I think that tells you more than enough about the hours. You will lose a lot of who you are as an individual, I remember going out with a friend who had been working there for only like 6 months and she looked like she aged 10 years. Looking back it was really sad to see as her friend. Her time at jefferies was pretty rough.

Deals: They do a lot of deals from what I hear and see in articles/news but the future outlook isn't as promising as it was say 3 years ago. Friend there now said there really isn't much to do at the moment and they don't think there will be much to do for a while. This could have been him comparing a year like 2020-2021 to now but I am not sure. Some of the things he said about current deal flow was pretty shocking.

Something I want to add as well is that I think people getting into banking have this idea of I can tough it out or I can do a year and switch but honestly that is a really poor sense of judgement and self-worth. No amount of money or exit opportunity or deal is worth having to sacrifice personal standards or deal with harassment/back-stabbing or having to work yourself into long lasting medical complications. Whether it is 10 years or 6 months, when you mature a bit more career wise you recognize that you can do a lot of things a lot of different ways. If you want a to do xyz after IB then there is a better opportunity for you than this bank, if you want better pay then there is a better bank for you than this bank, if you want a career in banking then there is a better bank than this, etc. If you're looking to start your career in IB this place would be the last place I would recommend doing so. I know a few people who have declined offers at this place and every single one of them ended up at a better bank making better money on better deals with better people. It is worth noting that Jefferies Houston is one of the harder technical question interview processes, if you have gotten an offer here you can get an offer almost anywhere else.

TLDR: I wouldn't accept an offer here/work here knowing what I know now about banking and having been in it for a few years in Houston. There are a lot of banks that are better all around then Jefferies in Houston. The cons from what I have heard heavily outweigh any of the marginal pros. Culture, pay, deals, exits, etc. really aren't night and day difference from other better performing banks in Houston.

Sep 19, 2022 - 1:41am
dmoney271199, what's your opinion? Comment below:

Good take, definitely better places. Would recommend a lot of different firms before this one

  • Intern in IB - Cov
Sep 19, 2022 - 2:06am

Appreciate the color and your knowledge on Houston. Was curious which banks in the city have the best culture that you mentioned. Have seen previous threads dragging down MOE and JPM, so wanted to hear some of the better culture banks in Houston. Would it more middle market like WF/ Piper?

  • Incoming Analyst in IB - Cov
Sep 19, 2022 - 9:17am

BofA/CS/Barc are all solid places in Houston. Comp is in line with NYC and with Houston COL you'll be living pretty great. All 3 have solid dealflow and fantastic culture. Dealflow isn't what it is at jeff/citi/jpm but you also aren't being worked like a dog and treated like garbage. Exits are about what you'd expect from mid tier BBs in NY, you should be able to get interviews at plenty of energy UMM/MFs but converting that is up to you.

Controversial
  • Analyst 2 in IB-M&A
Sep 19, 2022 - 10:20am

This is what I have heard from a couple of close friends who are/were employees at Jeff Houston. I must note that not a single one of them has said there time there was/is good. A lot of these things are coming from current and former employees so don't go off on me for being the messenger.

Pay: Not as good as many make it out to be, on a per hour basis it is actually quite atrocious. $180k sounds amazing (and 180k doesn't happen too often, It has to be a pretty killer year to hit that. What you're really looking at is like $150-160k all in An1) until you realize that you've been working 12-16 hour days and you're really just doing two 90k roles simultaneously. Nearly everyone I know has mentioned how pay really was not as good as some other banks especially when you think about other banks making roughly the same with significantly less hours.

Exits: Exits aren't terrible but I would say this isn't the best place to be if you are looking to go HF or MF PE. I can name a couple banks in Houston that place significantly better into both of those sectors within finance.

Culture: Some of the things I heard about this place through these sources were some of the most messed up things I have heard about IB. From the way juniors are treated, verbal humiliation/slander from seniors, gender/race issues, pay discrimination, "mandatory" hours (even if you're not doing anything you are expected to be there unreasonably late into the night), etc. Again these are stories I have heard, not talking from personal experiences. Though I have heard some of these stories more than once from different individuals so I believe there is something to be said about the truthfulness of some of these stories.

Hours: An absolute sweatshop. They have the highest turnover in all of Houston and one of the highest turnovers in all of IB. I think that tells you more than enough about the hours. You will lose a lot of who you are as an individual, I remember going out with a friend who had been working there for only like 6 months and she looked like she aged 10 years. Looking back it was really sad to see as her friend. Her time at jefferies was pretty rough.

Deals: They do a lot of deals from what I hear and see in articles/news but the future outlook isn't as promising as it was say 3 years ago. Friend there now said there really isn't much to do at the moment and they don't think there will be much to do for a while. This could have been him comparing a year like 2020-2021 to now but I am not sure. Some of the things he said about current deal flow was pretty shocking.

Something I want to add as well is that I think people getting into banking have this idea of I can tough it out or I can do a year and switch but honestly that is a really poor sense of judgement and self-worth. No amount of money or exit opportunity or deal is worth having to sacrifice personal standards or deal with harassment/back-stabbing or having to work yourself into long lasting medical complications. Whether it is 10 years or 6 months, when you mature a bit more career wise you recognize that you can do a lot of things a lot of different ways. If you want a to do xyz after IB then there is a better opportunity for you than this bank, if you want better pay then there is a better bank for you than this bank, if you want a career in banking then there is a better bank than this, etc. If you're looking to start your career in IB this place would be the last place I would recommend doing so. I know a few people who have declined offers at this place and every single one of them ended up at a better bank making better money on better deals with better people. It is worth noting that Jefferies Houston is one of the harder technical question interview processes, if you have gotten an offer here you can get an offer almost anywhere else.

TLDR: I wouldn't accept an offer here/work here knowing what I know now about banking and having been in it for a few years in Houston. There are a lot of banks that are better all around then Jefferies in Houston. The cons from what I have heard heavily outweigh any of the marginal pros. Culture, pay, deals, exits, etc. really aren't night and day difference from other better performing banks in Houston.

Pay: You clearly don't know what you are talking about. The pay in 2021 was closer to 230k. The pay this year was closer to 190k. The pay per hour, if it doesn't make sense at Jef HOU, then imagine how much worse it'll be at places like Citi / JPM / GS where the pay is even worse and the hours are just as bad. It makes almost zero sense to make the pay per hour argument in general but if you are making it at least make it smartly. Other banks are not making anywhere close to 190k, JPM is known for doling out 5-15k bonuses in HOU and GS isn't higher than 30-50k. 

Exits: one of the best places to exit out of in Houston. This year alone we have had a person go to Carnelian, Quantum, NGP (x2), Apollo, Carlyle (Industrials PE). First three are the best exits in energy, and the last two are literally MF PE exits, with the last one being in a non-energy group. The group has the best per-capita exits hands down in Houston. You really don't even need to know people at the group to know that - a simple LinkedIn search can help you figure that one out.

Culture: Clearly you keep mentioning this isn't a personal experience so how about you just stop commenting lol - I think the seniors are some of the nicest people you'll meet in banking in Houston. Literally the other day an MD asked one of our analysts why he was dressed business casual given everyone was in shorts and a t-shirt in the office. There's no verbal humiliation / slander from seniors, I can go home if I don't have work anymore - in fact as an anecdote, I did zero work this entire weekend and wasn't expected to be online either - and there is literally no discrimination. Our COO is a female, our group's recruiting efforts are led by a female and I think overall the group is extremely fair in its dealings. Looks like you might be confusing this group with JPM / GS - there was literally a thread on how toxic JPM was and that's been well documented ever since Jonathan Cox took over - frankly this is the first time I am hearing about all these "issues" that you have listed here.

Hours: What turnover are you talking about? We literally had 3 analysts go A2A this summer and we had 80% of the class that started 2 years ago complete their analyst stint (before hopping to the exits I highlighted above). Citi had 50% of the turnover in their 15-analyst class in HOU, Evercore didn't have one analyst stick past their first year recently, don't even get me started on JPM. If anything our turnover is much lower than industry average. Sure, our hours are bad - that's well documented - but not anything worse than any top group on the street. You have to learn to differentiate between hours due to deal flow (like at Jef HOU) and hours due to toxicity (JPM).

Deals: I honestly think your friend might be bottom-bucket. Our revenues this year were much higher than the year back, and we have a completely built backlog of deals looking to kickoff in the next fiscal year. Projected revenues are higher still for the year ahead. There's a lot of work going around and the outlook is as bright as it has ever been. In fact, with the addition of energy transition, it should be even better. 

Honestly, I couldn't have been happier starting my career at this group - the deal flow has been phenomenal, the exit I have lined up couldn't have better and I know I will have learned in my 2 years here much more than I could have learned anywhere else. Honestly you are so wrong on almost everything you have written here that it makes me question the authenticity of everything written out here - the culture, pay, deals, exits couldn't be better overall in Houston. The hours could obviously be better then I look at other shops with meaningful deal flow, like Citi / JPM / GS, and they are equally as bad as us. So, overall, JefCo ticks almost all the boxes in terms of pay, deal flow, exits, and culture. 

  • Analyst 2 in IB - Cov
Sep 20, 2022 - 12:04am

This is what I have heard from a couple of close friends who are/were employees at Jeff Houston. I must note that not a single one of them has said there time there was/is good. A lot of these things are coming from current and former employees so don't go off on me for being the messenger.

Pay: Not as good as many make it out to be, on a per hour basis it is actually quite atrocious. $180k sounds amazing (and 180k doesn't happen too often, It has to be a pretty killer year to hit that. What you're really looking at is like $150-160k all in An1) until you realize that you've been working 12-16 hour days and you're really just doing two 90k roles simultaneously. Nearly everyone I know has mentioned how pay really was not as good as some other banks especially when you think about other banks making roughly the same with significantly less hours.

Exits: Exits aren't terrible but I would say this isn't the best place to be if you are looking to go HF or MF PE. I can name a couple banks in Houston that place significantly better into both of those sectors within finance.

Culture: Some of the things I heard about this place through these sources were some of the most messed up things I have heard about IB. From the way juniors are treated, verbal humiliation/slander from seniors, gender/race issues, pay discrimination, "mandatory" hours (even if you're not doing anything you are expected to be there unreasonably late into the night), etc. Again these are stories I have heard, not talking from personal experiences. Though I have heard some of these stories more than once from different individuals so I believe there is something to be said about the truthfulness of some of these stories.

Hours: An absolute sweatshop. They have the highest turnover in all of Houston and one of the highest turnovers in all of IB. I think that tells you more than enough about the hours. You will lose a lot of who you are as an individual, I remember going out with a friend who had been working there for only like 6 months and she looked like she aged 10 years. Looking back it was really sad to see as her friend. Her time at jefferies was pretty rough.

Deals: They do a lot of deals from what I hear and see in articles/news but the future outlook isn't as promising as it was say 3 years ago. Friend there now said there really isn't much to do at the moment and they don't think there will be much to do for a while. This could have been him comparing a year like 2020-2021 to now but I am not sure. Some of the things he said about current deal flow was pretty shocking.

Something I want to add as well is that I think people getting into banking have this idea of I can tough it out or I can do a year and switch but honestly that is a really poor sense of judgement and self-worth. No amount of money or exit opportunity or deal is worth having to sacrifice personal standards or deal with harassment/back-stabbing or having to work yourself into long lasting medical complications. Whether it is 10 years or 6 months, when you mature a bit more career wise you recognize that you can do a lot of things a lot of different ways. If you want a to do xyz after IB then there is a better opportunity for you than this bank, if you want better pay then there is a better bank for you than this bank, if you want a career in banking then there is a better bank than this, etc. If you're looking to start your career in IB this place would be the last place I would recommend doing so. I know a few people who have declined offers at this place and every single one of them ended up at a better bank making better money on better deals with better people. It is worth noting that Jefferies Houston is one of the harder technical question interview processes, if you have gotten an offer here you can get an offer almost anywhere else.

TLDR: I wouldn't accept an offer here/work here knowing what I know now about banking and having been in it for a few years in Houston. There are a lot of banks that are better all around then Jefferies in Houston. The cons from what I have heard heavily outweigh any of the marginal pros. Culture, pay, deals, exits, etc. really aren't night and day difference from other better performing banks in Houston.

Wow finally someone who nailed it on the head. Pretty accurate. Tired of ex-analysts/corporate shills coming on here to defend. 

  • Incoming Analyst in IB - Cov
Sep 19, 2022 - 9:19am

Friend told me during his jeff superday an associate straight up told him "you will never go home before 3am here."

Sep 19, 2022 - 4:11pm
high hopes, what's your opinion? Comment below:

Friend told me during his jeff superday an associate straight up told him "you will never go home before 3am here."

lol this is a direct contradiction to that long post by a jeff analyst. 3 am is not standard analyst / associate hours in houston outside of evercore + maybe JPM

know people at Citi that made me question if they actually worked (bonuses suck there so it's all relative)

  • Intern in IB - Cov
Sep 19, 2022 - 3:57pm

My understanding is that Citi and LAZ are 3x in the office with the other two days juniors being allowed to log back in from home. However, expectation is juniors still being easily accessible/ not disappearing and going offline in evenings.

I believe Wells and TPH are 4x in the office with similar evening model. JPM and GS are 5 days in the office, but for JPM 2nd year analysts/ ASO+ evening from home seems pretty flexible. Overall, for first year analysts, they tend to stay in the office longer post-summer training during ramp-up and gradually move back towards the evening departure and log-in from home post-COVID model.

Most of the time, this doesn't really apply to interns who prefer FaceTime to show commitment for return offers.

Please note that all of this info may not be completely up to date and correct, so please chime in if you are aware.

  • Analyst 3+ in IB-M&A
Sep 19, 2022 - 8:33pm
[Comment removed by mod team]
Sep 20, 2022 - 10:09am
ebitbae, what's your opinion? Comment below:

Buddy of mine left last week this kid legit a psychopath and said that the hours were bordering on completely unreasonable 

Sep 20, 2022 - 11:29am
high hopes, what's your opinion? Comment below:
ebitbae

Buddy of mine left last week this kid legit a psychopath and said that the hours were bordering on completely unreasonable 

any details on the hours? if the legit psychopaths won't work there, who will!!

Funniest
Sep 21, 2022 - 1:10pm
ebitbae, what's your opinion? Comment below:

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  • Analyst 1 in HF - Other
Sep 21, 2022 - 3:50pm

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