Evercore vs. Goldman Houston Office
hey guys, first time poster but i've been lurking for a while. offers to both in Houston for energy groups. which is better comp, team, exit ops, etc.?
cheers
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They are both great banks in Houston so congratulations.
First off, what type of experience are you leaning towards? Which one gave you a better feel?
Disclaimer: GS does a lot of OFS and Evercore is E&P and midstream focused.
I'm most interested in M&A so naturally Evercore seems more attractive on that front. However, at Goldman they told me all of their M&A is done in house at the coverage group (i.e. none of it gets sent out to M&A group in NY).
Does Goldman get bigger deals? Goldman might also have a better training/support training.
Really on the fence for this one
Yes, Goldman Houston does do all their M&A in the Houston office. There were rumors awhile back stating that NYC does the M&A which is not true.
In Houston, Evercore actually does some really big deals. They compete with the bigger banks and they actually have a really big team. Their dealflow is very strong.
Both Goldman and Evercore will send you up to NYC for a week for initial training. For O&G specific training you'll get that on the job. I wouldn't say Goldman necessarily will provide the better training. Evercore is a big enough bank that you wouldn't be lacking in resources.
Evercore's Houston office is known to be a huge sweatshop though. Goldman is no slouch either. You'll see more M&A at Evercore and more variety of deals at Goldman. The good thing about Goldman though is that although they are a big bank, they usually work on M&A deals instead of countless equity offerings.
They're both well known in Houston and you wouldn't be making a wrong choice with either one. The cultures I'd say are kind of different though. Did you like the cultures of one over the other?
Both names are excellent. Again, both names are excellent. However, Goldman is the more marketable name. My non-finance friends won't know Evercore, but they all know of Goldman. I'm pointing this out to say that carrying that name will enable you to exit to almost any industry in a variety of roles, because people are well acquainted with the Goldman brand more so than Evercore (again, both names are excellent).
I would bet money that your experience and development will be the same at both places. In other words, I don't think one bank over the other is going to make you a better finance professional. 2-3 years at either place will make you a very well rounded finance junior.
I just did my 3 years as an analyst and moved to PE. Thinking back to my IB recruiting days, I can't think of any of my friends who would choose Evercore over Goldman. This is assuming the offers are to the same group, as they are in your case with Energy.
If I were you, I'd get the Goldman stamp on my resume.
Again, both names are excellent.
Evercore's extended return offers to all but one summer for both of the last two years, per a friend who's a first-year. No clue about Goldman
This year they extended offers to 2/3 of summers
Either one would give you a great experience. From what I've heard from my friends in banking in Houston, Evercore has better deal flow. While GS is the more widely known name to your average joe, anyone in PE or Corp Dev will be very familiar with Evercore, especially in the energy space. Comp will likely be better at Evercore. It's a close call. You should choose whichever one you feel more comfortable at from a cultural perspective.
I definitely feel better at Evercore, great group of guys, really got along with everyone. The only thing pulling to Goldman is the name affecting placement in PE, but I don't know how much it matters. I hate to be that guy but would you say they are about the same "prestige"?
I would never make a decision based on just a name. You're potentially going to be spending 90+ hours a week at one of them for 2 years. I'd go with where you are more comfortable. Its been 2-3 years since I was in your spot deciding between places in Houston so my sense for the banks may be a bit stale, but I think Evercore places just as well or better than GS into energy PE. Even if you don't want to do Energy PE, the GS name will likely not make a difference over Evercore in terms of getting interviews. It's going to be up to you to execute well regardless of name. I think Evercore will give you a better experience in M&A, both in size of deals and quantity, at least in E&P and midstream. Every PE shop knows that Evercore has a solid reputation. You could make a better argument for GS if you were only interested in OFS.
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If you like the people at Evercore better, go Evercore. They're both comparable banks in Houston in terms of deal flow and prestige. They both have solid exit opps. Do not worry about the "name brand" in Houston.
For example, Simmons wouldn't be considered a prestigious name brand bank in New York, but in Houston it's a great bank with great exit opps.
If you don't like your summer experience then you can lateral at the end of summer.
Honestly? Just go with whichever group of guys get a higher grade on the "tarmac test" for you. Both are good enough names to get you wherever you wanna go....so at this point its more important that you are well liked by your group so that you can get staffed on those big deals.
what about placing in PE for both of these groups? I know Evercore has sent a couple of kids to some MF's from this office. I have no idea about goldman. Anyone have any experience with PE placement from either of these groups?
Goldman. It is still the gold (npi) standard in investment banking. The name alone will continue to help you throughout your career no matter what field you end up in. Evercore is an absolutely fantastic firm, but GS has cache that transcends the field of finance. Although the nutty occupy crowd might hate you more, I tend to feel that fiscally liberal fruitcakes don't matter when it comes to career decisions.
Edit: Throw monkey shit if you'd like, but the truth is probably 1/2 of you will end up in careers other than finance or at least want out. The GS name may help with that, the Evercore will elicit "walk me through your role at uh... Everwhut."
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