Layoffs in Houston Banks
Given last year, I was wondering if there were any rounds of layoffs for bankers in Houston? Aside from some firms lowering intern returns, were there any significant cuts for investment bankers?
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Decent amount of layoffs - two banks I know of completely slashed their teams.
Is it BMO and TD?
Another one in addition to the two above.
I saw that the head of A&D at TD lost his job this past month.
Interested to hear about how the year went for Jefferies
Not well. Pretty underwhelming comp and high turnover of analyst class.
what was total comp. like, for analysts?
Outside of BMO shutting down I don't know anything for sure but my guess would be that heavy A&D shops have had layoff in the last 12 months. So, BMO, RBC, Jeff are the first ones that come to mind. I know TPH does a lot of A&D but I'm not sure if they had layoffs.
My guess is deal activity will pick up throughout 2021. Rx shops like Lazard and Moelis have also had plenty of work.
CS, JPM, Jefferies, Simmons, BMO (RIP), Scotia and TD all had cuts this past year
how big were the cuts at all these places?
Current sophomore at Rice applying for SA 2022 in Houston soon. Are banks downsizing and will it be difficult to get a SA position? Should one look for positions outside of Houston given the current state?
Are banks downsizing? Not sure. Think a lot of fat has been cut out of the system but who knows where the market goes. Fee pool is definitely down.
Will it be difficult to get SA? Depends on your personality and resume, but Rice is a core school and places well. Plus much less competition for O&G positions nowadays vs. even 2018-2019.
Should you look for positions outside of Houston? Absolutely - if you don't absolutely love O&G, should look elsewhere and use Houston as a backup.
Not as doom as gloom as you think. I was expecting the worst for summer associate spots this year from my program; my year there were 20 of us placed here; the new class placed in 18 spots. Not too much of a cutback and downturn likely less impacting demand for analysts since turnover is much higher (also now more than ever).
How many associate spots did Jefferies Houston recruit for this year?
Would also point out that is largely influenced by people from top 15s avoiding Houston in a greater degree than in past years. Benefit to UT/Rice but doesn't exactly signal stability because a similar number placed overall.
Were BBs more immune from cuts?
how many total let go to TD?
.
Moelis/Lazard?
Does trimming headcount mean letting people go? Or hire less incoming associates/analysts?
Anndddd he deleted the comment. Probably made it up? Or didn’t have answers...
he said "Rx-heavy EB has started trimming headcounts"
GS Houston let a few bankers go at the MD / VP levels
Where did said bankers go?
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Any more color on this thread? Very curious where these laid off associates/Vps end up right now.
All the while PJT is quietly building up it's Houston presence right now; and by building I mean poaching
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