9/8/2019, 8:32 PM (Source: TeleTrader)
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Report: JPMorgan close to winning lead role in Aramco IPO

JPMorgan Chase & Co. is close to winning the lead advisory role for the initial public offering of Saudi Aramco, CNBC reported on Sunday citing sources with knowledge of the matter.

A final decision is expected next week, the sources added. Morgan Stanley reportedly fell out of the race as the Saudis were not satisfied with the bank's handling of Uber's IPO in May.

Earlier this week, Saudi Arabia removed Energy Minister Khalid al-Falih from his position as chairman of Aramco.

Breaking the News / JC