U.S. investment banks have taken a $4.6 billion revenue hit in equity raisings, the Financial Times reports.
Initial public offerings, including from SPACs, began drying up this year with recent market volatility.
Morgan Stanley, JPMorgan Chase, Bank of America, Goldman Sachs and Citi together collected $645 million from equity capital market fees so far this year, according to Dealogic data. Compare than to the $5.3 billion haul they reported for the same period last year.
The FT report notes that rising interest rate expectations, market volatility from the Ukraine war and bad post-listing performances from high-profile companies have dampened expectations. Read more.
