ON AVERAGE over the last three years, GE (General Electric), has paid out more in investment-banking services than any other corporation. Last year alone it spent $278m. Most of that went on debt raising, but mergers and acquisitions contributed too. In October 2012 GE sold $7 billion of bonds. JP Morgan, one of GE's advisors, earned $5.6 billion fees last year, more than any other bank. Bank of America Merrill Lynch was the next biggest earner, with $4.9 billion in fees. But both banks' fee revenue fell in 2012. According to Thomson Reuters, a financial-data provider, fees for global investment banking services were $74.8 billion last year, their lowest for three years.
Focus: Investment-banking fees | The Economist
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