On fees in the banking market.

• Author: Rees, Matthew
• Position: On the financial services industry

"Many once-dependable patrons of Wall Street have stepped back sharply from doing deals. Private-equity firms paid banks 66 percent less in 2008 for their services than they did in the boom year of 2007, according to Dealogic."

"Total world-wide investment-banking revenue fell 35 percent to $58.5 billion in 2008 from $90.1 billion in 2007 as revenue from debt capital markets, equity capital...