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ISS flotation delay deals latest blow to banking fees

Investment banking fees have fallen by 6% for the year-to-date as renewed market uncertainty claims another IPO postponement

The decision by outsourcing group ISS to pull its eagerly-awaited initial public offering yesterday has dealt a further blow to European-based banks, whose investment banking fees had already fallen by 6% so far this year.

According to Thomson Reuters and Freeman Consulting, investment banking fees totalled $4.3bn year-to-date, a 6% fall from the same period in 2009.

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