JPM Houston
Any info on the group/culture/deal flow/exit opps? How do they rank within Houston? Noticed they're looking for an Associate.
Thanks
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Pretty good shop, historically been middle of the pack but have done very well this past year and really since Jonathan Cox came over. Tough culture with a ton of junior turnover (that’s why they’re hiring for analysts and associates). Obviously good brand name and a good opportunity if you are cool with O&G but get ready to work.
Exit opps on par with most other BBs just know that if you’re coming in as an associate you’ll be further limited vs. analysts and the traditional portco opps in O&G don’t really exist anymore.
Thanks for the reply! I'd heard of them doing really well and assumed the lateral hiring was to grow out the team and not junior turnover. Do you work there? Had a few questions, mind if I PM you?
Of the 4 ASOs in the 2019 class, 2 are gone. One guy exited/was let go, and the other transferred to another group/office within the firm. Can confirm some of the comments here re: their culture based on the conversations I had with current/former ASOs in that office.
AS0 fired already? Had to be real bad to cut before the 6 mo training wheel process is even over.
Class of 2019, not 2020.
edit: just realized I typed "ASO" in my original post. Not to be confused with "AS0".
Based on what I know of JPM Houston and what I'm reading here, I can summarize JPM Houston with this:
You should be wary to join a club that is willing to have you.
anyone have thoughts about culture between GS hou and JPM hou?
From what I hear, people only go there because they want JPM or GS on their resume. Heard bad things about the culture at both shops and neither are top banks in houston.
??? GS was on almost every mega deal last year? Are you just parroting a basket of shit?
They went from a decent shop (below CS, Citi, Barcap among bulges) with surprisingly good hours and a great culture to a shop with much better dealflow but miserable culture, terrible hours, high turnover. Inflection point was when they changed up leadership in mid 2018.
Their M&A dealflow has been solid and they're pretty dominant on HY left-leads.
^Saw on another recent thread that there were really bad bonus numbers this past year (was there really a 12k YE bonus lol?). Culture seemed okay from coffee chat / when networking. I know of the 5 Analysts in the 2020 class, 2 are left. Lots of attribution during WFH as mentioned above.
Where did these analysts go?
Someone went to Evercore - stronger shop with much higher pay but probably similar culture
So they all just lateraled within Houston? Wouldn’t most want to leave energy altogether?
Buddy of mine worked at JPM Hou, said the culture is toxic, favoritism is rampant (5x-8x difference in bonus between top / bottom bucket??). Sounds like they close deals, but if they don’t like you they’ll screw you on comp. Wouldn’t go anywhere near that office from what I’ve heard - plenty of better shops in Houston.
Lol I've literally heard so many bitter stories from people all over Houston that've left the past couple years like people constantly brown-nosing seniors, Mid-levels (Associates / VP / Directors) are incompetent, low pay considering the terrible hours
not related to jpm houston specifically, but it seems like favoritism is a common thing in banking from my experience - really liking one employee to the point of showing resentment to another employee who is doing perfectly fine but is not as hardo as favorite employee
Sounds like it, but that bonus range seems extreme, if true. Never heard of a spread like that
Can confirm all this from first hand experience. Culture was ok in the past but the leadership shake up in 2018 was a turning point. Jonathan Cox is especially terrible to work for (commonly saw him make last minute contradictory changes and ream people out for it, despite the presented product being a result of his earlier comments), universally disliked amongst the A&A classes and has created a culture of favouritism. Deal flow has had an uptick recently but this isn’t unique to JPM.
Avoid if possible, there are stronger banks with a less toxic culture.
Honestly are there any groups out of Houston with a good culture lol I have only heard negatives across firms
Also interested. Which of the BBs have the best culture/comp?
TPH i guess. Hard to not be salty working in a dying industry
BB wise heard Citi is kinda sweaty but has a good culture albeit kinda fratty. Also one of Citi’s strongest groups.
UBS Houston has arguably the most chill culture in banking. Shot deal flow and probably gonna get cut in the next few years, but a very nice place with super low hours
All of these firms are from anecdotal experience of friends/former classmates so they’re experience may be different from the norm. With that being said, firms with good cultures on the BB side of things - CS, Barc, maybe BAML (have heard mixed reviews). Whereas in regards to boutiques, TPH (FaceTime culture though), Intrepid (fratty), and Gugg (not much dealflow) have good cultures but come with their flaws.
Simmons is more in the MM range these days but seems like their culture is still pretty strong.
What’s top bucket all in at JPM Houston?
I think JPM's range was 50k-95k for the most recent first year class (c/o 2020)
Is this for Houston specifically?
At least 1/3-2 of the class <40k at JPM 2020 class
Can confirm - heard a 2020 An1 got ~$10k and another < $30k
It’s been a number of years since I was plugged into the Houston banking scene but I still know a few people. JPM had a really strong M&A year but it was because their corp bank basically told E&Ps that they’d be less punitive on their lending capacity in exchange for their next real fee. That’s how the game is played but it rubbed some folks the wrong way, including some of the E&Ps. I’d guess that they’re going to have a very quiet next year plus since most operators are paying down debt and/or have refi’d near-term maturities. There’s still some consolidation targets out there but this isn’t really the time for M&A.
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