Big surprise here.
Guess what bank took the number one spot for fees accumulated from U.S.-based IPOs during 2009 while Citigroup revenue plummeted 50%?
Yes, you guessed it: it’s Goldman Sachs!
Bloomberg: Goldman Sachs Group Inc. won the biggest share of the $923 million in fees from U.S. initial public offerings this year, while Citigroup Inc. fell out of the top five after its revenue plummeted more than 50 per cent.
Goldman Sachs made $191.6 million helping take 16 companies from Hyatt Hotels Corp. to Cobalt International Energy Inc. public this year, an increase of more than 60 per cent from 2008, preliminary data compiled by Bloomberg show. Citigroup’s share of fees dropped to $68.3 million, making the New York-based lender the only underwriter that participated in at least $1 billion worth of sales to suffer a decline in revenue.