What is the Houston IB landscape right now?
I just saw Patrick post something like this for LA IB. So, I’m curious what it’s like specifically for Houston. I know all the banks in Houston, but what is each bank really known for? Who’s growing? Who’s shrinking? Stuff like that.
*Personal opinion from someone in the industry
RX is (for obvious reasons) becoming an increasingly important component to deal flow since capital markets activity is still very slow. Most of the bulge brackets are fine but fees are down across the board and they’re certainly not growing. Shops like Evercore and TPH are bloated and fees are down but they have good enough RX arms that they are able to stay afloat. The ones that are “shrinking” are the more niche names (Simmons) and arguably shops like JeffCo that are just way too bloated for the current volume of deals (lacking in a significant RX presence)
Growing: Moelis, Houlihan
Stalwarts: Evercore, TPH, Intrepid, Citi, CS, Barclays, (most other BBs)
Shrinking: Simmons, Jefferies, Scotia
Step below Citi / CS / Barclays in terms of deal flow in Houston. JPM is solid, MS hasn't done too much lately and GS deal flow is pretty good but culture is terrible. Brands are obviously great.
Having a "Houston story" helps for sure but I don't know that people care that much where you want to be 3+ years down the road. The biggest thing is that they do expect you to honor a 2-year commitment to the analyst program.