In case you missed it, read last week’s issue here
🗞️This Week in Finance - June 23rd 2025
Goldman Sachs Restructures Banking Division Around Growth Sectors
Goldman Sachs has reorganized its investment banking teams, doubling down on tech, AI, and private capital coverage while consolidating some legacy verticals. This internal shift aligns the firm’s coverage model with where it sees long-term growth. Expect new hiring pushes in those sectors — and increased collaboration across M&A and financing teams.
Why it matters:Group placement is more strategic than ever — follow where deal flow is strongest.
Tip: As a student, if you ever find yourself in a conversation with a banker, ask questions along the lines of how recent team changes have affected their day-to-day — it shows curiosity and signals long-term thinking.
IPO Market Shows Signs of Life as Stripe Eyes Possible 2026 Debut
Stripe, the $65B payments giant, is reportedly in early discussions for a potential IPO in 2026, with top banks like Goldman and Morgan Stanley competing for lead roles. While no timeline is confirmed, market insiders view this as a bellwether for a long-awaited rebound in tech listings. A successful Stripe IPO could reenergize the equity capital markets after nearly two years of stagnation.
Student Takeaway: If you’re targeting capital markets or tech coverage, this could be a big deal to watch and study. Study Stripe’s valuation comps and past private rounds — they could come up in technical or market-awareness interviews.
🏦 Term of the Week: “Operating Leverage”
Definition: Operating leverage refers to the degree to which a company can increase profits by increasing revenue, due to having a high proportion of fixed costs. Businesses with high operating leverage (like software firms) see bigger boosts in profits when sales rise — but also take bigger hits when sales fall.
Example: A SaaS company with $500K in fixed costs and minimal variable costs increases revenue by 20% and sees profits jump by 22%. That’s high operating leverage — small sales changes lead to big swings in earnings.
Why it matters: It helps investors understand risk and upside in a business model.
Student takeaway: High operating leverage = big profit potential, but also bigger downside in downturns.
Tip: Mention it when analyzing a company’s margin expansion or cost structure in interviews.
🚀Finance Career Tip: Use Projects as Proof of Interest
Saying “I’m interested in finance” only goes so far. Showing it through action — a stock pitch, student fund involvement, or even a financial model you built — is what sets you apart. Firms want doers, not just talkers. Build something that shows determination or skill and would define who you are as a student, maybe even work on a start-up.
Pro tip: Don’t wait for internships to build your track record. Start something now and talk about it later. If you’re in a club or class, turn something like a deliverable into a portfolio piece. Even a spreadsheet can be a story.
Why it matters: Projects demonstrate skills, initiative, and passion — especially if you don’t have formal experience yet.
💬 Deal Breakdown: Blackstone and Vista Equity Partners’ $8.4bn Acquisition of Smartsheet
Acquirer: Blackstone and Vista Equity Partners
Target: Smartsheet
Total Transaction Size: $8.4bn
Announcement Date: September 24, 2024
Expected Close Date: January 31, 2025
Target Advisors: Qatalyst Partners (Financial); Fenwick & West LLP (Legal)
Acquirer Advisors: Goldman Sachs and Morgan Stanley (Financial); Kirkland & Ellis and Simpson Thacher & Bartlett (Legal)
Smartsheet develops cloud-based enterprise work management technologies for managing and tracking projects, collaborating, storing data, and automating and assigning tasks. It was founded in 2005 by CEO Mark Mader in Bellevue, Washington. As of September 24 2024 Smartsheet held a market cap of $7.7bn and an enterprise value of $7.1bn
📚Sources
🤝Final Word
Finance doesn’t sit still. Consumer sentiment, market volatility, tech strategy, and capital structure — they all move together. And the more you learn to spot those connections, the more you develop the instincts that make professionals stand out.
Keep showing up, stay sharp, and let your ambition compound.
School is starting up again soon, right now is the time to get ahead of your classmates. Especially with recruiting season right around the corner.
Welcome to Campus Capital. Each week, we’ll break down the finance world in 5 minutes or less.
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About Me
My name is Braunsen Bax, I’m a honors finance and accounting student-athlete at North Central College in Naperville, Illinois (45 mins outside of Chicago). I graduated from Walton High School in Marietta Georgia. Outside of the classroom I compete in the throws events for the Track & Field team, 35 time NCAA DIII national champions. I’ve had a love of finance and the business world since my sophomore year of high school and started Campus Capital to share that love with my community and like minded individuals in a similar position, with similar goals. My mission is to help people like me shape their futures to ensure they reach their goals while being up to date and educated in the Finance industry.
