Judgmental People in Finance

I'm an undergrad at a mountain west state school. Goldman, JPM, and other banks recruit from our business school, so we have a pretty decent finance club that attracts people from these firms to come give presentations. Except this guy was a little bit different.

Ivy League MBA, "Wall Street Veteran", loads of private equity and consulting experience. Gave his presentation about job opportunities, advice, yada yada. Then moved on to going over interview attire. Dress code was business professional, so everyone was suited up. He pulled a bunch of 'volunteers' from the crowd and lined them up front. Once that was done, this guy starts critiquing everyone individually, head to toe, in front of the crowd, and basically made fun of them. Everything from hairstyle, facial hair, quality of suit jackets, shirts, ties, pants, shoes, their posture, etc. Even had the audience take a vote on whether or not the given person should get a haircut and/or shave. Some kids got notably humiliated. No one looked ridiculously under dressed or under groomed, just a bunch of average state school kids. I was the "shoe" example, and learned that my shoes looked too cheap and tacky. Some people complained afterwards. It didn't really bother me that much, but I was just surprised at the unfiltered judgement this guy gave out on a whim, given at a state school where half the kids can't afford to get an expensive suit at the drop of a hat. It was supposed to be a light-hearted joking matter, but kinda went a little too far.

Is this type of behavior normal in banking? Am I going to get roasted and ridiculed if my suit doesn't look expensive enough? I've heard people who work in finance are assholes, but I've never quite experienced something of this magnitude before.