With IPOs on ice, banks’ stock offering fees plummet

By Andres Gonzalez, Echo Wang and Lucy Raitano (Reuters) – Recession fears and Russia’s invasion of Ukraine sent a chill through equity capital markets (ECM) in the second quarter, depriving bankers of lucrative fees for arranging stock sales such as initial public offerings (IPOs). The slowdown drove global investment banks’ fees from ECM deals down 74% to $2.6 billion, according to Refinitiv data, dragged by the worst quarter in 13 years for ECM markets globally. IPOs and other capital raising exercises by listed companies totaled $94 billion between end-March and June 21, a quarter of the a…

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