Yes - A&M puts kids into O&G banking. Maybe it's getting better for underwriting on a broader scale and commercial banking, but to say it has the presence that mccombs does with investment banks as a whole is ignorant.
I've spent my career (yes 7 years wow you say) in M&A, and I've never met an Aggie banker NOT heavily focused on O&G. I worked on a deal with a boutique firm out of Minneapolis a few months ago - lead analyst, McCombs.
Even the real smart Aggies (ones that went undergrad and ended up at Wharton, Kellogg, etc. for BSchool), still seemed to gravitate towards O&G.
Hell, even Tom Hicks' kids (whom I work with) got put into O&G at their banking jobs - must be a Texan thing. Their daddy made his hay in soft drinks and sports teams.
The real problem is... unless you plan on being #1 in your class, a minority with a rich daddy, banking coming out of Mays will land you in Houston dealing with energy.
Some may think that's grand. I've got buddies driving 911s at 27 with their oil bonuses. Putting all your eggs in that basket is foolish. If you want finance and have the funds, go to a wealthy, WASP private school and join a top tier frat.
From their, work a few years and then go to BSchool at one of the schools on the east coast / mid Atlantic or west coast. Try Kellogg, Wharton, Stanford, Hbs, Columbia, UVA, SMU, USC, Richmond, vandy or another well connected WASP private school.
Finance has become more and more of an elitist work field, get all the advantages you can.