Greenhill, Evercore and Lazard in Houston?

RobertoRobato's picture
Rank: Monkey | banana points 53

How are the elite boutiques in Houston? I've heard that Greenhill has great placement but no dealflow, Evercore has great dealflow but limited placement and I haven't heard much of anything about Lazard.

Anyone have any info on these banks? How do they compare to energy-specific boutiques like Simmons and TPH?

Comments (42)

Dec 4, 2012

I would be interested to know this one too, if anyone has any insight.

Dec 4, 2012

Greenhill > Evercore > Lazard ...if you can't get into a BB in the first place. Lazard is a sweat shop. Evercore hired too many personnel this year and will have to make cuts (everyone knows it). Greenhill is much more lean. PM me.

Dec 4, 2012

TPH and Simmons pay significantly above street and both have good dealflow and exit ops
Lazard is growing and is not restricted to energy (airlines, some healthcare, southwest M&A), placement/dealflow is decent (i know of one analyst going to lime rock)

Dec 4, 2012

Not to thread-jack, but where do most of these banks do their recruiting? What percentage do you think come from UT/Rice as opposed to other schools in the state (SMU/TCU/A&M)?

Dec 4, 2012
econ_guru:

Greenhill > Evercore > Lazard ...if you can't get into a BB in the first place. Lazard is a sweat shop. Evercore hired too many personnel this year and will have to make cuts (everyone knows it). Greenhill is much more lean. PM me.

This is pretty spot on. Bulge Brackets have an advantage in energy banking because they can throw around their balance sheet to get deals done. In a capital intensive industry like energy, this can really help bring in business.

Coming from my buddy who summered at Lazard in Houston, its a very formal/stiff environment (ex. Business formal everyday...). Some people are into that (my friend is) so it really depends on personal preference. He also really liked the fact that his office isn't exclusively energy focused.

Evercore is much more laid back and has more of a work hard/play hard attitude. I really enjoyed interviewing with them. They came on strong when they first broke into the industry, but since the Kinder Morgan/ El Paso deal they haven't had as much success. I agree that layoffs are probably in the cards.

I don't have much experience with the guys at Greenhill.

TPH and Simmons are both great shops that place well. If you're into OFS, Simmons is considered one of the top shops. The problem with both of these shops is that your exit opps will be completely restricted to Oil/Gas. This is less so the case at the bigger, brand-name banks.

Texas Outlaw-

At the top shops you will find UTexas and Rice dominate, but there is also a good mix of A&M, SMU and TCU. Each shop tends to have "their" non-target school that they recruit from. (ex. Barclays takes a disproportionate amount of A&M guys).

You will also find lots of Ivy grads and other top 25 grads (Vanderbilt, USC, Notre Dame, UVA etc.) who usually have a connection to Texas or the energy industry.

"Utter commitment to the task at hand."

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Dec 5, 2012
CalTex Analyst:
econ_guru:

Greenhill > Evercore > Lazard ...if you can't get into a BB in the first place. Lazard is a sweat shop. Evercore hired too many personnel this year and will have to make cuts (everyone knows it). Greenhill is much more lean. PM me.

This is pretty spot on. Bulge Brackets have an advantage in energy banking because they can throw around their balance sheet to get deals done. In a capital intensive industry like energy, this can really help bring in business.

Coming from my buddy who summered at Lazard in Houston, its a very formal/stiff environment (ex. Business formal everyday...). Some people are into that (my friend is) so it really depends on personal preference. He also really liked the fact that his office isn't exclusively energy focused.

Evercore is much more laid back and has more of a work hard/play hard attitude. I really enjoyed interviewing with them. They came on strong when they first broke into the industry, but since the Kinder Morgan/ El Paso deal they haven't had as much success. I agree that layoffs are probably in the cards.

I don't have much experience with the guys at Greenhill.

TPH and Simmons are both great shops that place well. If you're into OFS, Simmons is considered one of the top shops. The problem with both of these shops is that your exit opps will be completely restricted to Oil/Gas. This is less so the case at the bigger, brand-name banks.

Texas Outlaw-

At the top shops you will find UTexas and Rice dominate, but there is also a good mix of A&M, SMU and TCU. Each shop tends to have "their" non-target school that they recruit from. (ex. Barclays takes a disproportionate amount of A&M guys).

You will also find lots of Ivy grads and other top 25 grads (Vanderbilt, USC, Notre Dame, UVA etc.) who usually have a connection to Texas or the energy industry.

Check your newswires today. EVR advised MMR on the FCX buyout of PXP & MMR. They have been crushing it the past 1-2 years down here. What was the last blockbuster deal you saw Greenhill advising on? All you have to do is look at the league tables.

Dec 6, 2012
CalTex Analyst][quote=econ_guru:

Texas Outlaw-

At the top shops you will find UTexas and Rice dominate, but there is also a good mix of A&M, SMU and TCU. Each shop tends to have "their" non-target school that they recruit from. (ex. Barclays takes a disproportionate amount of A&M guys).

You will also find lots of Ivy grads and other top 25 grads (Vanderbilt, USC, Notre Dame, UVA etc.) who usually have a connection to Texas or the energy industry.

Does this pertain only to undergrads or in general (incl. MSc Finance)?

Dec 7, 2012
CalTex Analyst:
econ_guru:

Greenhill > Evercore > Lazard ...if you can't get into a BB in the first place. Lazard is a sweat shop. Evercore hired too many personnel this year and will have to make cuts (everyone knows it). Greenhill is much more lean. PM me.

This is pretty spot on. Bulge Brackets have an advantage in energy banking because they can throw around their balance sheet to get deals done. In a capital intensive industry like energy, this can really help bring in business.

Coming from my buddy who summered at Lazard in Houston, its a very formal/stiff environment (ex. Business formal everyday...). Some people are into that (my friend is) so it really depends on personal preference. He also really liked the fact that his office isn't exclusively energy focused.

Evercore is much more laid back and has more of a work hard/play hard attitude. I really enjoyed interviewing with them. They came on strong when they first broke into the industry, but since the Kinder Morgan/ El Paso deal they haven't had as much success. I agree that layoffs are probably in the cards.

I don't have much experience with the guys at Greenhill.

TPH and Simmons are both great shops that place well. If you're into OFS, Simmons is considered one of the top shops. The problem with both of these shops is that your exit opps will be completely restricted to Oil/Gas. This is less so the case at the bigger, brand-name banks.

Texas Outlaw-

At the top shops you will find UTexas and Rice dominate, but there is also a good mix of A&M, SMU and TCU. Each shop tends to have "their" non-target school that they recruit from. (ex. Barclays takes a disproportionate amount of A&M guys).

You will also find lots of Ivy grads and other top 25 grads (Vanderbilt, USC, Notre Dame, UVA etc.) who usually have a connection to Texas or the energy industry.

Not to hijack this thread, but.. any shops in Houston that recruit from Texas Tech?

Dec 5, 2012

I would definitely take a TPH or Simmons over the other boutiques...and definitely take EVR over Greenhill...Laz a somewhat distant third unless you are an analyst just looking for a name (to carry you out of Houston...bc it doesnt carry weight in town). GHL has hardly done a thing since opening that office.

Whomever told you lazard was business formal was lying or the victim of an amazing practical joke. Probably the only bank in Houston that wears jeans on Friday.

I'm not sure Simmons pays over street either...they definitely do not in base pay. Have never hear their bonus nums to be anything out of the ordinary either but upside is you're getting all cash of course. Though the analyst level that isn't a concern anywhere.

    • 1
Dec 4, 2012
PossumBelly:

Whomever told you lazard was business formal was lying or the victim of an amazing practical joke. Probably the only bank in Houston that wears jeans on Friday.

Could be a practical joke, but it would be a long one. He wore a suit every day of his SA stint there. He could be the type that would wear a suit by choice though... something I will never understand.

"Utter commitment to the task at hand."

Dec 7, 2012

Not understanding the Laz hate, Possum. If you're looking for an analyst spot with an eye on PE, no one else in Houston has placed better over the past 2 years (saying nothing of deal flow or culture but Friday is casual).

TPH and Simmons are solid, both place a GOOD analyst or two each year (but have heard that a lot of analysts choose to stay, not sure whether this is good or bad) and have heard good things about culture (sex scandals?) and pay.

Evercore is wrecking since they hired the former head of Scotia (Finnie) and Laz took his next-in-command earlier this year. Have interviewed with Evercore guys and seem to be a good bunch.

Dec 5, 2012

moelis and rothschild are in houston as well i believe, with oil/gas focused bankers.

Dec 7, 2012

rothschild office is based in DC for oil/gas and metals

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Dec 7, 2012

What about Greenhill Houston compared to some of the lower bulge brackets (Wells, UBS) and to Jefferies?

Dec 7, 2012

You can PM me. If you are interested in exit opps don't discount Greenhill. 1 to Quantum, 1 to Denham, current 2nd year going to First Reserve next summer. They hire 1 analyst per year (usually their SA).

Lazard has had good placement lately, especially at Lime Rock and 1 going to EnCap next summer I believe. But they haven't placed better than Barclays or CS.

Moelis lost Brady Parrish to Apache so who knows what is going on in that office. Rothschild is looking for analysts.

As far as Tech, none of the banks recruit there. Best bet is to reach out to boutiques.

"Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America."

Dec 8, 2012
Eric Stratton:

You can PM me. If you are interested in exit opps don't discount Greenhill. 1 to Quantum, 1 to Denham, current 2nd year going to First Reserve next summer. They hire 1 analyst per year (usually their SA).

Lazard has had good placement lately, especially at Lime Rock and 1 going to EnCap next summer I believe. But they haven't placed better than Barclays or CS.

Moelis lost Brady Parrish to Apache so who knows what is going on in that office. Rothschild is looking for analysts.

As far as Tech, none of the banks recruit there. Best bet is to reach out to boutiques.

Hey Eric, I am particularly interested in Evercore Houston and I am wondering if I could pm you to consult you about them?

Dec 9, 2012
Eric Stratton:

You can PM me. If you are interested in exit opps don't discount Greenhill. 1 to Quantum, 1 to Denham, current 2nd year going to First Reserve next summer. They hire 1 analyst per year (usually their SA).

Lazard has had good placement lately, especially at Lime Rock and 1 going to EnCap next summer I believe. But they haven't placed better than Barclays or CS.

Moelis lost Brady Parrish to Apache so who knows what is going on in that office. Rothschild is looking for analysts.

As far as Tech, none of the banks recruit there. Best bet is to reach out to boutiques.

How do you know Rothschild is looking for analysts? It says online their "resume drop" closed in early september....

Dec 7, 2012
arner23:

How do you know Rothschild is looking for analysts? It says online their "resume drop" closed in early september....

Headhunters

"Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America."

Dec 9, 2012

Anyone know about Greenhill in LA?

Dec 9, 2012

Rothschild is opening an office in Houston and are in the process of looking for juniors. I would also reiterate my opinion of NOT JOINING LAZARD. They had one or two summer associates in 2011 that did not take offers specifically because of one guy (Director/VP level) that was at Lazard and was a complete taskmaster. Do not go to Lazard unless you want the brand name...it will do nothing for you for oil and gas PE/corp dev. Evercore is a much better name in the energy space. Like others have said, Barclays and CS place very well, with Barclays actually having a very decent culture, unlike the nerds at CS. Citi is rapidly moving into that top tier as well, although we're all waiting for layoffs in that group, considering the fact that it is pretty massive.

@arguewithatree. I would easily go with Wells, Jeffs or UBS over Greenhill. Greenhill hasn't done sh*t in Houston, Wells is a VERY solid name in the midstream space, Jeffs is great in E&P as well as midstream and UBS is probably a top 3-5 player in midstream alone, considering they poached the best that Barclays had to offer in that space.

    • 1
Dec 7, 2012
westsidewolf1989:

Rothschild is opening an office in Houston and are in the process of looking for juniors. I would also reiterate my opinion of NOT JOINING LAZARD. They had one or two summer associates in 2011 that did not take offers specifically because of one guy (Director/VP level) that was at Lazard and was a complete taskmaster. Do not go to Lazard unless you want the brand name...it will do nothing for you for oil and gas PE/corp dev. Evercore is a much better name in the energy space. Like others have said, Barclays and CS place very well, with Barclays actually having a very decent culture, unlike the nerds at CS. Citi is rapidly moving into that top tier as well, although we're all waiting for layoffs in that group, considering the fact that it is pretty massive.

@arguewithatree. I would easily go with Wells, Jeffs or UBS over Greenhill. Greenhill hasn't done sh*t in Houston, Wells is a VERY solid name in the midstream space, Jeffs is great in E&P as well as midstream and UBS is probably a top 3-5 player in midstream alone, considering they poached the best that Barclays had to offer in that space.

Not sure how much proclamation you should be doing about what banks to go to for PE opps as a FIRST YEAR ANALYST, three months into the job.

I'll repeat what I said on the other Houston post, all 5 from Lazard's last two classes placed, 4 in oil & gas PE, the other at a generalist shop. What else can you want re: exit opps?

Dec 4, 2012

^Great post.

Dec 9, 2012

Anyone have any info on Greenhill in LA? I know they just opened there in 2009, but have you guys heard of anyone interning there?

Jan 23, 2013

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Dec 10, 2012

Is it worth it to interview at Greenhill if they only accept 1 SA over a firm like RBC?

Jan 23, 2013

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Dec 7, 2012

Assuming you have to forgo interviews at firms like RBC/UBS/etc would you take a greenhill first round interview? Also why would they be recruiting if they're only taking one guy through connections?

Dec 10, 2012

^ Would like to know that as well.

OGBanker, if you have 12 first round interviews in January through OCR, would you still need strong connections to the banks to actually get SA offers? How big a role does the actual interview play?

Dec 5, 2012

Anyone saying GHL over EVR must be far more interested in going to the gym at lunch (by decree) than working on anything live.

    • 1
Jan 23, 2013

It's not my place to tell anyone they shouldn't apply, but know yourself and know the situation and then you decide. The situation is that they hire one person, and how important do you think fit is going to be when you're hiring just one person for a small office? They're going to need to really get along with you. Personally, I'd rather hire someone I knew from college--someone I know I get along with--than take a chance on some random person that can interview well. And what's the other side of that coin? Say you did get the offer, would you really like the small office atmosphere vs a bigger one where you have the opportunity to work with different people on more deals and greater variety? I can personally say that a small office doesn't feel as rewarding to start out in as a bigger one.
Possum is correct about deal flow. EVR has each analyst working on multiple live deals at any given time. Granted the majority are small deals, you're still staying busy. That being said, probably safe to say that many of you juniors reading this won't even get an offer at GHL or EVR or LAZ. It's tough to break into any bank. If it were me and I only had 12 firms to apply to, I'd focus on banks that take 3+ interns and save a few of those spots for some safety options (non-IB). Barclays, CS and the like are already going to be long shots for most of you, but at least they have 3+ openings, vs a GHL that has one. In my opinion, if you have to ask about whether to apply to GHL or not, you're not gonna get the offer anyway.

Dec 7, 2012
OGBanker:

It's not my place to tell anyone they shouldn't apply, but know yourself and know the situation and then you decide. The situation is that they hire one person, and how important do you think fit is going to be when you're hiring just one person for a small office? They're going to need to really get along with you. Personally, I'd rather hire someone I knew from college--someone I know I get along with--than take a chance on some random person that can interview well. And what's the other side of that coin? Say you did get the offer, would you really like the small office atmosphere vs a bigger one where you have the opportunity to work with different people on more deals and greater variety? I can personally say that a small office doesn't feel as rewarding to start out in as a bigger one.
Possum is correct about deal flow. EVR has each analyst working on multiple live deals at any given time. Granted the majority are small deals, you're still staying busy. That being said, probably safe to say that many of you juniors reading this won't even get an offer at GHL or EVR or LAZ. It's tough to break into any bank. If it were me and I only had 12 firms to apply to, I'd focus on banks that take 3+ interns and save a few of those spots for some safety options (non-IB). Barclays, CS and the like are already going to be long shots for most of you, but at least they have 3+ openings, vs a GHL that has one. In my opinion, if you have to ask about whether to apply to GHL or not, you're not gonna get the offer anyway.

Agreed. It's a difficult balance, especially as a college student with little to no idea of what each office/firm is actually like.

My advice, though easier said than done, is try not to pigeon-hole yourself goldman-or-bust style but also don't make the mistake of overextending yourself in the recruiting process by going with the scorched earth strategy of hitting up every finance-focused company in Texas. Banks will know if you're one or the other, trust me, and all they really want to see, other than checking the box on technical capability, is a true interest in their firm and business and someone they can stand to be around for 16 hours a day.