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Wall Street to Miss Out on Aramco Pay Day After IPO Scaled Back

Nov. 19, 2019, 1:15 PM

Wall Street banks working on Saudi Aramco’s share sale are set to lose out on a highly-anticipated fee windfall after the deal was pared back from a record global offering to a mainly domestic affair.

Goldman Sachs Group Inc. and Morgan Stanley are among banks that may miss out on an expected fee bonanza after foreign investors balked at the deal and Aramco decided not to market the share sale outside the Middle East, according to people with knowledge of the matter. Advisers and arrangers will be compensated for costs but may not be paid enough to make a meaningful...

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