Blackstone (BX) Misses Out on IPO Boom as Banks Benefit
Wall Street banks like Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase & Co. (JPM) are outperforming Blackstone Inc. (BX) amid a record IPO cycle, with private capital groups seeing their shares drop over 15% this year. Blackstone's market cap is now less than half that of major banks due to its limited exposure from underwriting fees and challenges in exiting $4 trillion in unsold deals.
Topics: banking sector Blackstone earnings IPO boom private equity