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

Morgan Stanley Remains Confident on Bank of America

Last Thursday, Morgan Stanley $MS ( ▼ 0.22% ) reduced it’s price of Bank of America Corporation $BAC ( ▲ 0.22% ) from $68.00 to $64.00, while keeping an “Overweight” rating. This change came after Bank of America posted positive Q4 results, beating consensus EPS by 2%. However, the firm noted the share price drop following the results announcement, as management was expected to tighten its 55%-59% medium-term expense ratio to 54%-58%. The investment firm also touched upon the accounting change, which adds roughly $1.00 billion per quarter to fees, complicates comparisons, and tempers short-term sentiment despite the earnings beat.

The company’s January 14, 2026, earnings release featured diluted EPS of $0.98 versus $0.96 expected, net income of $7.60 billion, and revenue of $28.50 billion, slightly above consensus. The quarter marked trading strength, with sales and trading revenue rising 10% to $4.50 billion, driven by benefits from volatile markets. At the same time, net interest income (NII) rose 9.7% to $15.75 billion.

Student Takeaway: Morgan Stanley’s “Overweight” rating illustrates the value of thinking like an analyst: understanding not just what the numbers are, but why a reliable institution still deserves investment despite short-term price movements. Being able to articulate how analyst ratings and sector outlooks affect markets and capital flow is a valuable discussion point in interviews and networking conversations, especially for roles in equity research, investment banking, and asset management.

TikTok Closes Deal to Form New U.S Entity

TikTok announced that it has finalized a major deal to create a new American-based joint venture to operate its U.S. business, ending years of uncertainty over the platform’s future in the United States. Under the agreement, major investors Oracle $ORCL ( ▲ 0.79% ), Silver Lake, and MGX will take control of the newly formed TikTok U.S joint venture, while ByteDance $BYTEDANCE ( 0.0% ), TikTok’s China-based parent company, retains a minority stake.

The move satisfies U.S. legislative requirements aimed at addressing national security concerns over foreign control of user data and algorithmic systems, ensuring the app remains available to roughly 200 million U.S. users. The new entity will implement stringent safeguards for data protection, algorithm security, and content moderation, and will be led by CEO Adam Presser alongside a majority-American board.

Student Takeaway: For finance students, the finalized TikTok deal offers a compelling case study in how geopolitics and government regulation intersect with corporate strategy and finance. Government regulation can dramatically impact the valuation and operational structure of major tech firms. TikTok’s deal underscores how national security concerns can force divestitures or restructurings that influence ownership stakes, investor composition, and control of key assets, all critical considerations in valuation and M&A analysis.

Definition: Bond yield is the return an investor earns on a bond, expressed as a percentage of the bon’s current price. It measures the income generated relative to the investment and can vary depending on the bond’s price, coupon payments, and time to maturity.

The formula is:

Suppose you have a bond with a face value of $1,000 and a 5% annual coupon. This means the bond pays $50 per year. If you purchase the bond at its face value ($1,000), the yield is 5%. However, If the bond’s prices drops to $900 on the secondary market, the yield rises to:

50 / 900 = 5.56%

This shows how bond prices and yields move inversely: when prices fall, yields rise, and vice versa.

Student takeaway: Understanding bond yield is crucial for finance students because it links fixed income investing to interest rates, market conditions, and risk assessment. It illustrates how changes in market prices affect investment returns and highlights the importance of analyzing both nominal returns (coupon payments) and effective returns (current yield). For potential roles in investment banking, asset management, or corporate finance, grasping bond yield helps evaluating debit instruments, portfolio strategy, and capital structure decisions.

Mistake: Appearing desperate

When you come across as overly eager, anxious, or willing to say anything just to get the job, you look desperate. In investment banking, private equity, corporate finance, or accounting interviews, desperation can signal poor judgment, lack of confidence, or an inability to handle high-pressure environments.

Roles in high finance demand confidence, composure, and strategic thinking. Interviewers want candidates who are genuinely interested but can also handle stress, work independently, and make informed decisions under pressure.

They also value uniqueness and character. You have to show why you’re different than the thousands of other 3.9, dean’s list, finance club candidates.

If you have had a hard time networking or finding internship opportunities online, then it’s probably because you aren’t looking in the right places. I can’t believe I’m actually saying this but, get out there and actually talk to people. Connecting with someone on LinkedIn that you’re never going to meet or speak to is pointless when compared to making meaningful relationships with people on campus that can help you in your career. Connect with people in your business classes, make real connections, not just fake ones online.

Here’s a list of things to remember when connecting and building relationships with people on campus

Tip: If you’re introducing yourself to someone, it’s important that you ask them about themselves, people love talking about themself.

JPMorgan Chase $JPM ( ▼ 0.26% ) recently completed the acquisition of WealthOS, a UK-based pensions technology platform, in a strategic move to strengthen its digital wealth management and retirement planning services. The deal reflects JPMorgan’s focus on expanding its technology capabilities and fee-based revenue streams while addressing the growing demand for automated and user-friendly pension solutions. WealthOS brings innovative software that streamlines portfolio management and client reporting, providing JPMorgan with an advanced platform to serve both individual and institutional clients more efficiently.

Financially, the acquisition allows JPMorgan to tap into the UK pensions market, which is experiencing regulatory and demographic shifts that increase demand for digital tools. By integrating WealthOS into its operations, JPMorgan can offer more personalized retirement planning solutions while maintaining a competitive edge in the wealth management sector. Analysts view the deal as a way to combine technology with JPMorgan’s existing advisory and asset management services to capture long-term growth opportunities.

For finance students, this transaction offers several lessons. First, it highlights the strategic importance of technology acquisitions in modern banking and how these deals can enhance service offerings and revenue models. Second, it demonstrates the role of cross-border transactions in expanding market reach and capabilities. Finally, students can observe how investment banks evaluate potential synergies, market positioning, and regulatory considerations when pursuing acquisitions in specialized sectors such as pensions and wealth management.

If you feel like you’re completely swamped in school work, internships, and networking, you aren’t the only one. Take a step back and breathe. Like I said last week, it’s very easy to get caught up in the competitive field of high finance, but you have to remember that your mental health comes first. The world doesn’t end if you don’t get that internship or referral. Nor does it end if it feels like everyone else around you is leagues ahead of you.

All you need to do is put your head down and focus on yourself. Keep an open mind and be optimistic, you are the only one in control of your future.

Welcome to Campus Capital. Each week, we’ll break down the finance world in 5 minutes or less.
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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.