Top clients control share allocation and pricing, Bill Gurley notes

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Andrey Mastykin

22.05.2026

Top clients control share allocation and pricing, Bill Gurley notes — Investment banks favor top clients

Bill Gurley argues that the top 15 clients of investment banks receive the majority of shares in new offerings and have significant influence over the pricing process.

He suggests that a blind auction or direct listing approach could be used instead but characterizes the current practice as an insider-dominated system, where the real customer is the buy-side.

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Gurley has previously called attention to cost dynamics in related sectors, noting that AI-driven efficiencies have cut audit costs but not client fees at major firms. He has also compared projected net losses above $5 billion at U.S. AI companies in 2024 to similar figures in other industries. His comments on investment bank practices add to his ongoing scrutiny of market structures.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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