Texas Landscape for IB?
I want a change of scenery and have some family in texas. Currently in chicago, what do you guys know about IB in Austin, or Houston?
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Unless a soulless sprawl of fast food restaurants and Walmart's is your thing you'd be better off anywhere else. Texas is cheap for a reason, it's fucking depressing.
You my friend have not been to Texas and it shows. Texas is home to 2 of the largest cities and is home for many ultra high net worth individuals. The downtown areas of Houston and Dallas are a lot nicer/cleaner than NYC/Chicago. I’ve lived in Texas, Manhattan, and Chicago. Texas takes the cake every time. As with every city though it depends on where you stay and what scene you are in to. Houston has parts similar to The Bronx or Harlem, likewise Dallas. In Texas though the home you can own in the nice neighborhoods as a banker are insane. 5,000-7,000+ sq ft built in the last 5-10 years, big pools and backyards, etc. things you could only dream of in NYC become very feasible in Texas. You have access to opera houses, theaters, professional sports teams, incredible food, museums, golf, lakes, beaches (not very good beaches but NY is not any better) etc.
Honestly comparing NYC to Houston is very subjective because the people that live in one usually despise the other or have no interest in living there. I loved my time in NYC but recognized I didn’t want to be a slave my entire life and that I would like to have a family someday. Texas has allowed me to save copious amounts of money and purchase things that will better prepare myself and children for the future. All with the same amenities that I favored in New York.
You’re a fucking idiot
Nice troll attempt…
EVR & JPM get solid deal flow but are legitimate slave shops. Pretty notorious ones.
Didn’t you just make a thread about getting bullied in Houston lmao…
I like both places, I dont really need socio-cultural influences about the specific cities. I am simply asking about the IB landscape, shop size, sector, etc. I think as bankers, we all have capacity for understanding cities and have our own personal preference.
Houston's a great place to live and provides a great lifestyle, especially if you are looking to raise a family. It is very different from NY/CHI and other major cities. However, the reality is Houston banking is very sweaty, and culture all around is not very good. There are a few shops with good culture, but all of the major players are sweatshops(Evercore, Jefferies, ETC). I just moved to Chicago from Houston and will say I do miss it sometimes.
What banks have good culture?
None.
Citi, RBC, and MS from what I can tell.
Barclays NatRes is a solid group in Houston
Bump on exit opps from BBs in Texas?
I think the PE scene in Dallas is a little more mature than it is in Houston. Houston PE was mostly O&G and I think a lot of those funds are struggling to raise capital. EnCap is huge and will be the last to take a hit but I'm not sure I'd recommend planning on spending 10+ years there. Honestly, infrastructure investment due to population growth might spur a pretty big private credit industry over the next few years so that could be an option.
What about from the perspective of being a BB analyst in Texas and then wanting to hit NYC MM/UMM/MF recruiting?
Dallas PE is more LMM and MM; none of the shops have a great reputation up there - few are ok. More of a (small) HF town.
Houston has better brand name PE but all energy focused. A few below average generalist funds.
Houton definitely has the biggest banking presence in Texas; pretty much every bank has an office there but it's all very Oil and Gas focused, and the culture is pretty rough (very few people stay in Houston). Dallas has solid groups, especially if you aren't interested in O&G, but definitely more of an MM presence. Houlihan and Stephens are probably the best true M&A shops in Dallas and do the most deals in that city by far. Austin doesn't really have an IB presence, as it is more of a tech/VC culture over there.
I think there was a Greenhill office in Dallas as well? Although that was years ago so not sure if they even exist anymore. Agree that Stephens and HL are probably the two that are the most active in the city. Dallas has a little bit more of a buyside presence than Houston who has all the banks, but Houston banks are all O&G focused as previously mentioned.
GHL’s Dallas office was their secondaries group, HTX is an M&A shop
Don’t live/work there but have a couple friends in Dallas and Houston (O&G, industrials etc.)
Pros: low cost of living. Decent nightlife. High pay across the board (for the most part). Lots of strong groups with good exits.
Cons: Hours. My friend (at BB) sends me snapchats of the foldable beds under his desk. Yes, these analysts literally sleep at the office for multiple days. According to my friend he has gone 3 days without ever setting foot outside the office (even for lunch, for sunlight, for a life lol.)
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