Layoffs in Houston Banks

Given last year, I was wondering if there were any rounds of layoffs for bankers in Houston? Aside from some firms lowering intern returns, were there any significant cuts for investment bankers?

 

Decent amount of layoffs - two banks I know of completely slashed their teams.

 

Outside of BMO shutting down I don't know anything for sure but my guess would be that heavy A&D shops have had layoff in the last 12 months. So, BMO, RBC, Jeff are the first ones that come to mind. I know TPH does a lot of A&D but I'm not sure if they had layoffs. 

My guess is deal activity will pick up throughout 2021. Rx shops like Lazard and Moelis have also had plenty of work. 

 

Current sophomore at Rice applying for SA 2022 in Houston soon. Are banks downsizing and will it be difficult to get a SA position? Should one look for positions outside of Houston given the current state?

 

Are banks downsizing? Not sure. Think a lot of fat has been cut out of the system but who knows where the market goes. Fee pool is definitely down.

Will it be difficult to get SA? Depends on your personality and resume, but Rice is a core school and places well. Plus much less competition for O&G positions nowadays vs. even 2018-2019.

Should you look for positions outside of Houston? Absolutely - if you don't absolutely love O&G, should look elsewhere and use Houston as a backup.

 

Not as doom as gloom as you think.  I was expecting the worst for summer associate spots this year from my program; my year there were 20 of us placed here; the new class placed in 18 spots.  Not too much of a cutback and downturn likely less impacting demand for analysts since turnover is much higher (also now more than ever).    

 

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