During his career at the firm, he also served in various other capacities including Global Co-Head of the Investment Banking Division (1999 to 2002), Head of the Corporate Finance Department (1994 to 1999) and Head of Asia-Pacific Investment Banking (1990 to 1994).

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Like companies, business schools "have to change with the times and go where the market is, " says Anurag Gupta, chair of the banking and finance department at Case Western Reserve University's Weatherhead School of Management.

WSJ: Chinese Flood U.S. Programs to Gain Edge