U.S. stocks held steady in Wednesday morning trading, following sharp drops for markets around the world.
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Goldman Sachs Group Inc., whose original profit drivers are restrained by regulations and damped demand, is eyeing asset-gathering businesses like investment management and digital banking. While it's struggled to convince public shareholders of its worth, Blackstone Group LP is benefiting from growing appetite for alternatives and is reaching for retail investors and ultimately retirement plans – a space dominated by firms such as BlackRock Inc. Blackstone, BlackRock and Goldman Sachs solve needs at different parts along the spectrum.While the successes of three financial titans – Goldman Sachs, BlackRock and Blackstone – have so far been built on mastery of their own areas, their ongoing leadership may depend in part on their abilities to tap into each other's magic.
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