M&A: Evercore Houston (Energy) vs New York (Generalist)
Which would you pick for a full-time offer?
I have heard that their energy team in Houston is one of the best, if not the best, but NY is their main hub.
And is one significantly better than the other, or are they similar in terms of pay/prestige/exit opps?
Evercore NY is seen as more prestigious (because everyone unfairly shits on O&G) and provides access to a broader range of exit opps. That being said, Evercore Houston is arguably the strongest group in Energy, with good deal flow, compensation (equal, but you bank way more in Texas), and culture. Exits are obviously geared towards energy/infrastructure, but you can also get looks to MM/LMM generalist funds given the brand name. Your decision should be dependent on what you want to do after banking.
Base pay is most definitely the same for both positions. Can’t speak on the bonus
NY hands down and don't look back. You'll make (save) more in Houston [comp has historically been equal] and Evercore's a great shop, but you will take a massive hit on optionality. The industry overall is struggling and Evercore's no exception. Currently in O&G at a top shop and would give my left nut to lateral to a generalist MM in NYC. Brand is great, but very difficult to get away from being labeled an "O&G banker"
Would you take something like NY Retail group over Houston Energy at Evercore?
Stay out of O&G at all costs, everyone wants out. Don’t put yourself in that situation in the first place.
How tough is it to lateral from HOU to NYC?
Not easy enough to recommend you go to Houston first if NYC is your goal, but doable. Like most things, will depend on your individual candidacy more than anything. I have seen some of my friends lateral out to comparable, or even better shops in NYC and others were willing to (or had to) take a step down in prestige in order to make the move.
Don't touch O&G. This is a no brainer
Doesn't apply to those starting in 2023/24 though. O&G is cyclical, the best deals will be happening in 2024-28 and the sentiment will change quickly.
The "O&G is cyclical" argument doesn't really apply here. The sector is in secular decline, capital is constrained and only going one way: out. There will no doubt be consolidation in the coming years, but make no mistake, that consolidation will be borne out of desperation, not strategy or growth.
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Somewhat true, but I'd still take Moelis in HOU over most BBs in NY. Better exit ops and the first two years location/industry don't really matter.
As an ex o&g banker please for the love of god go for generalist nyc
Do you think NY-Generalist is harder to break into than a Menlo Park Generalist if you are in the Houston area?
Do most Texas applicants that don't do Houston go to Cali or NY in your opinion?
Mainly NY, but there is a decent amount in SF.
Most from Tx go to nyc just because west coast is very much like tx banks and mainly recruits local and harvard / Wharton
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