Wall Street’s Spac gravy train hits the buffers

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The fees US banks earn from special purpose acquisition companies have plunged in the past two months, disrupting what had been a main profit generator on Wall Street. Investment banks made a little over $430m from initial public offerings of Spacs and mergers between Spacs and private companies in April and May, according to data from Refinitiv. That accounted for 4.5 per cent of overall investment banking fees for the period. READ MORE