finance fundamental force

M&A fees have held up, but underwriting stocks and bonds has become less lucrative than it was during the 1990s. Average udnerwrittoing commission for U.S equities feel to 3.8% of a sale's dollar value in 2006 from 4.379% in 1999. Bond underwriting fee slide to 0.434% from 0.491 in 19999. Citigroup dominates the debt makets partly because predecessor Travelers Group bought Salomon Inc. GS is the leader of M&A (deal markers) and equity underwriting (moneymaking) franchise. MS is No. 2. MS trailled GS, also follow the same style as GS. It has set out to boslter asset management unit. It has bought stakes in five hedge funds managers with $30 billion. It plans to divest the vertige of Credit Card unit.