Thoughts on Mercuria?
Wanting to know what the general consesus is on Mercuria and their nat gas trading business. What's the comp like for juniors? Culture? Exits? Any info would be appreciated.
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What’s the role, what’s the desk
Natural gas trading intern
One of the top merchant seats out there not a firm many turn down.
Have to agree with Marcellus - At least in europe they know the power and gas business inside out - wouldn't hesistate about working there. They pay well enough that you don't need to worry about what you are paid , if you're good there you can move to any other power and gas shop and be comfortable.
My buddies that have interned there through TRIP made $25/hr. You end up working 60+ a week though so with OT you're basically making 100k salaries as an intern. From what I hear culture is pretty chill. Dudes show up in shorts and fishing shirts cause they know they're the best. I'd expect 100k for a full-time offer if you go into their rotation program. Although, once you graduate from that and hit the desk, your pay goes up exponentially
Thanks a lot for the info, would you mind PMing me? Would love to ask more questions about your buddies experiences.
I am in TRIP (mentioned above) and interned with Market Risk in their Houston Office. I was paid 25$ an hour and generally discouraged from working OT. In middle office, you will get paid overtime since you literally have to work more than 40 hours a week. I did projects that revolved around monitoring risk for all of their commodity desks, but I specialized more in environmental and renewables products.
Culture was awesome - you can get away with wearing a t shirt and tennis shoes or you can wear the typical business casual stuff; no one is going to care. Everyone is smart and generally very friendly.
They are expanding very rapidly and hiring a lot of people, so I would expect to hear their name more in the near future.
This is the first time I've heard such a description about a physical shop. Honestly, with a culture like that, even if you don't make trader, seems like an awesome place to be an in ops role for a long time
Yes, that is the vibe I got as well. From what I heard, turnover is pretty low, and it makes sense. Diverse backgrounds from NASA, Goldman, BoFa, Vitol, Trafigura, etc.,coming from various different countries across the world, to work with the good ole boys of Texas. It was nerve racking for me at first, but the people made my work awesome.
It was funny when the Geneva guys would come in and we would get BBQ or Tex-Mex, as they would flip shit at the sheer amount of food they got compared to in Europe. Anyways, don’t have a bad thing to say about Mercuria, it was an incredible internship.
lol wondering who this is. You working there now?
A pretty common industry story; Mercuria through M&A lands a contract with a very old physical oil producer privately owned. The family that owns it is very concerned and has no idea who they are versus the large merchants/bb-banks they have dealt with.
Sales team at Mercuria sets up a hand holding meeting or so. Basically the full gaunlet, everyone suited formal, family brings all their people/lawyers etc..
Jaeggi shows up in jeans, sweater-vest basically looking like he hopped off his yacht. Walking in, everyone full panic like wtf. He takes the next hour or two, totally takes control of the room. He re-assures the family all their concerns directly, explains how much of a physical trader he is and can manage any risk they got etc…Family basically agrees on the spot to extend the relationship.
That is Daniel Jaeggi for you.
Judging from the comments, seems likes it's paradise. Great culture, people, comp, and competent leadership. Not the biggest trading house yet so growth is still there.
Is there anything significant wrong with Mercuria?
Yea, a lot of concerns for more senoir traders which is why turnover at sr level is higher. But for people looking for an internship, way-in great place.
What are the concerns for senior traders @ Mercuria? The usual "I didn't get the bonus I deserved" or something deeper?
Yah stuff like that. No real designation between financial/physical, floating seat costs, floating %book.
When comparing to Freepoint/Hartree/DRW/MMHFs/CCI/etc pretty common theme that Mercuria lacks transparency for senoir traders but also allows some of the most loose risk limits.
I think Hartree is almost like a prop shop but for physical isnt it?
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