Blackstone's Jon Gray on Building a $1.3 Trillion Wall Street Giant
Leaders with Francine Lacqua
Bloomberg
4.6 • 64 Ratings
🗓️ 11 May 2026
⏱️ 27 minutes
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Summary
What does it take to lead through a near-disaster and turn it into a $14 billion win? In this episode, Blackstone President and Chief Operating Officer Jon Gray shares lessons from the financial crisis, revealing why staying calm, backing the right businesses and building trust can make or break a leader. He also opens up about shaping culture, retaining top talent and leading with humanity—offering a rare inside look at how one of the world’s biggest investment firms navigates uncertainty.
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Transcript
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| 0:00.0 | Hey, everyone. I'm Dylan Dreyer, co-host of the third hour of today and mom to three wild boys. |
| 0:06.0 | I've learned a lot in my years as a parent, mostly that I don't have it all figured out yet. |
| 0:10.7 | And I'm not the only one. This is my new podcast, the parent chat. Each week I sit down with someone new for honest conversation and real world advice about parenting. |
| 0:20.3 | I am over here just like winging it hey |
| 0:22.5 | i'm just trying not to screw my own kids up i'm not giving you advice on how i'm not to screw yourself |
| 0:25.9 | search the parent chat on youtube and wherever you get your podcasts bloomberg audio studios |
| 0:34.6 | podcasts radio news people often think you, how do I get an organization |
| 0:41.0 | to head in a certain direction? And it's not by putting plaques up on the wall with mottos, |
| 0:47.7 | who you hire, who you fire, who you promote. Then the younger people are going to look around and say, |
| 0:53.5 | oh, that person who took a |
| 0:55.4 | risk, oh, I want to follow them. And I think that in many ways is the best way to model things. |
| 1:09.7 | I'm Francine, and this is Leaders, the podcast that explores what drives the world's most influential people. |
| 1:17.3 | This week I'm speaking to John Gray. |
| 1:19.6 | Now he's the president and chief operating officer of the private equity giant Blackstone. |
| 1:24.2 | A so-called lifer, he joined the company back in 1992 at just 22 years old. Under the mentorship |
| 1:32.3 | of the chair and chief executive Steve Schwartzman, Gray began in the real estate side of the business. |
| 1:38.4 | He helped it become the largest private equity real estate investor in the world. And since |
| 1:43.5 | assuming his current role in |
| 1:45.1 | 2018, Blackstone says its assets have nearly tripled to $1.3 trillion. So at a time of global |
| 1:53.2 | upheaval, I was really keen to catch up with Gray about how he leads through crisis while maintaining |
| 1:58.8 | trust. But also the challenges facing Blackstone's flagship |
| 2:02.3 | private credit fund, how he retains talent, and what that tells us about his own sense of loyalty. |
... |
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