Wall Street Will Keep Gorging on SPAC Fees Long After Boom Fades
This content was published on May 12, 2021 - 04:00
May 12, 2021 - 04:00
(Bloomberg) Wall Street will continue reaping rewards from its embrace of blank-check companies for a long time, even if the record-breaking boom in listings comes to an end.
Investment banks have earned as much as $15 billion from underwriting and advisory work with special purpose acquisition companies since the start of last year, according to research firm Coalition Greenwich. At least $8 billion of that revenue hasn’t been booked yet and will show up in banks’ results over the next two years, the data show.