Before reading, check out our Instagram and TikTok accounts!

In case you missed it, read last week’s issue here

Citi Hires JPMorgan Veteran

Citigroup has just announced the appointment of Kaustubh “KK” Kulkarni as the new co-head of its Asia-Pacific Investment Banking Coverage, covering Japan, Asia North & Australia, and Asia South. Kulkarni, a near-30-year JPMorgan veteran (most recently serving as Senior Country Officer for India and Vice-Chair for Asia Pacific), will be based in Singapore and join Citi in December 2025, pending regulatory approvals. He will lead the region alongside Jan Metzger and report to Citi’s global banking head, Viswas Raghavan. This hire is part of a broader strategic push by Raghavan — since mid-2024, Citi has onboarded nearly 15 senior executives from top competitors like JPMorgan, Goldman Sachs, Morgan Stanley, Ares, and HSBC.

Why it matters: This move signals Citi’s aggressive ambition to up its investment banking game in Asia. It reflects a broader industry trend where experienced, regionally savvy bankers are recruited to spearhead growth in key markets like APAC—a region currently seeing rising M&A and capital markets activity.

An Update On McKinsey’s AI Consulting Agents

Remember those 12,00 AI agents that McKinsey deployed a few weeks back to help with data analysis, research, and presentations? WelI, since the implementation and release of their AI agents, 40% of McKinsey’s revenue now comes from AI and technology-related work, and 25% of client engagements are now outcome-based, meaning clients pay based on actual business results. While the firm recently reduced headcount, leaders stress the moves reflect strategic rebalancing, not just cost-cutting.

Student Takeaway: As AI takes over routine parts of the job, future consultants need to blend analytical rigor with technology fluency—being able to "prompt-engineer" tools is becoming a job requirement. This trend emphasizes measurable impact, meaning future consultants must master both strategy and understand how to deliver—and measure—real business outcomes.

Definition: Measures how much of a company’s assets are financed through debt. It shows financial leverage and helps assess a firm’s long-term solvency.

Using this metric, analysts can compare one company's leverage with that of other companies in the same industry. This information can reflect how financially stable a company is.

The formula is:

If a company has $50 million in total liabilities and $200 million in total assets the debt-to-asset ratio is:

50 / 200 = 0.25 or 25%

This means only 25% of the company’s assets are financed by debt—a relatively conservative capital structure.

Student takeaway: Understanding leverage ratios like Debt-to-Asset is crucial in finance & accounting interviews because they show how well a company balances growth with risk. Being able to calculate and interpret this ratio demonstrates not just technical ability, but also critical thinking about how financing decisions impact stability and investor confidence.

Mistake: Not asking thoughtful questions

Many candidates focus so much on answering questions that they forget interviews are a two-way conversation. Ending with no questions—or only generic ones like “What’s the culture like?”—signals a lack of preparation. Strong candidates use this time to demonstrate genuine interest and knowledge of the firm.

Always prepare 2–3 thoughtful questions in advance, tailored to the role and firm. For example: “How does the firm’s recent expansion into Asia affect opportunities for junior bankers?” or “What skills do top first-year analysts develop quickly that set them apart?” This shows initiative, curiosity, and professionalism.

If it you think you’ve heard this before in a Campus Capital issue, you have. The importance of not only understanding the numbers but learning to speak them is crucial. In finance, it’s not enough to crunch numbers—you need to communicate what they mean. Whether it’s explaining a company’s leverage ratio, discussing valuation multiples, or walking through an LBO model, your ability to translate data into a clear story sets you apart. Employers value candidates who can take complex analysis and make it digestible for clients, teammates, or even non-finance professionals.

Student takeaway: Practice explaining financial concepts out loud, as if you’re teaching a classmate. If you can clearly explain why a company’s 25% debt-to-asset ratio signals conservative financing, you’re building both technical and client-facing skills—two things recruiters love to see.

Japanese insurance giant Sompo Holdings has agreed to acquire Aspen Insurance Holdings for approximately $3.5 billion. In this transaction, Goldman Sachs is serving as the exclusive financial advisor to Aspen, while Morgan Stanley is advising Sompo. The deal underscores Goldman Sachs' prominent role in high-profile M&A transactions within the insurance sector.

Sompo's acquisition of Aspen Insurance represents a strategic move to enhance its global footprint and diversify its portfolio in the competitive insurance market. As Aspen's exclusive advisor, Goldman Sachs is leveraging its expertise to navigate the complexities of cross-border M&A, showcasing its leadership in the financial advisory space.

This transaction highlights the ongoing consolidation trend in the insurance industry, driven by the need for scale and diversification in a rapidly evolving market

For us finance students, this deal offers valuable insights into the strategic considerations behind cross-border acquisitions, the role of financial advisors in facilitating complex transactions, and the dynamics of the insurance industry. Understanding such deals can enhance your analytical skills and provide a practical framework for evaluating corporate strategies in real-world scenarios.

The Top 10 Schools Hired by Morgan Stanley in the IB Analyst Role

Morgan Stanley, like other top investment banks, recruits heavily from a select group of universities known as "target schools." These institutions have strong finance programs, extensive alumni networks, and established relationships with the firm. While Morgan Stanley does not publicly disclose a ranked list of schools, industry analyses and recruiting trends provide insight into the top institutions they hire from.

1. University of Pennsylvania (Wharton)

2. Columbia University

3. Harvard University

4. New York University (Stern)

5. University of Chicago (Booth)

6. Stanford University (GSB)

7. Massachusetts Institute of Technology (Sloan)

8. Princeton University

9. Northwestern University (Kellogg)

10. Dartmouth College (Tuck)

It's important to note that while attending a target school can provide advantages, Morgan Stanley also recruits from a broader range of institutions. Candidates from non-target schools can still break into investment banking by demonstrating exceptional skills, securing relevant internships, and leveraging networking opportunities. Being proactive in building connections through alumni, attending networking events, and applying early can help stand out in the competitive recruiting process.

For students aspiring to join Morgan Stanley's investment banking division, it's beneficial to focus on developing strong technical skills, gaining relevant experience through internships, and actively engaging with the firm's recruiting events and alumni network.

Want to break into investment banking but don’t go to a target-school? Don’t worry, it’s possible. Going straight into a investment banking analyst role at a bulge bracket or elite boutique out of undergrad at a non-target school is definitely more challenging than attending a target-school, but like I said, it’s not impossible Here’s some options you have:

Of course, even if you are at a target-school, it’s still no easy task to break into investment banking at a bulge bracket or elite boutique. Look into case studies of people that have broken into IB analyst roles from a non-target undergrad.

Invest in yourself.

Welcome to Campus Capital. Each week, we’ll break down the finance world in 5 minutes or less.
Got feedback or questions? Hit reply and let us know what you want to learn.

Share with a friend: Know someone interested in finance? Forward this to them!

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.