American bankers are on the verge of earning less from initial public offerings than those in Europe for the first time since the Second World War, reports The Times.
The historic earnings gap between the two markets is now barely perceptible: more than $1.1 billion (£555 million) in fees from IPOs in Europe so far this year, compared with about $1.4 billion from initial public offerings on American stock exchanges, research by Bloomberg has revealed. In 2002, investment banks earned five times as much taking companies public in the United States as they did in Europe. Bankers in Europe are profiting from a rush of flotations by Russian banks and natural resources companies from Central Asia. The deluge is almost certain to continue this year as co...
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