Wall Street's SPAC Fee Machine
Investment banks earned billions in fees underwriting SPAC IPOs — then walked away when the music stopped. Here's how much each bank made and how their clients fared.
Banks Tracked
10
Total Fees
$8.6B
SPACs Underwritten
635
Bankrupt SPACs
29
#1
Citigroup
Pulled back: 2022
Fees Earned
$1.8B
SPACs
120
Bankrupt
5
Client Return
-42.0%
#2
Goldman Sachs
Pulled back: 2022
Fees Earned
$1.5B
SPACs
95
Bankrupt
4
Client Return
-38.0%
#3
Credit Suisse
Pulled back: 2022
Fees Earned
$1.2B
SPACs
85
Bankrupt
3
Client Return
-45.0%
#4
J.P. Morgan
Pulled back: 2021
Fees Earned
$1.1B
SPACs
70
Bankrupt
3
Client Return
-35.0%
#5
Deutsche Bank
Pulled back: 2022
Fees Earned
$800.0M
SPACs
60
Bankrupt
3
Client Return
-48.0%
#6
Bank of America
Pulled back: 2022
Fees Earned
$600.0M
SPACs
40
Bankrupt
2
Client Return
-37.0%
#7
Cantor Fitzgerald
Pulled back: 2023
Fees Earned
$500.0M
SPACs
45
Bankrupt
2
Client Return
-55.0%
#8
Jefferies
Pulled back: 2022
Fees Earned
$400.0M
SPACs
35
Bankrupt
2
Client Return
-50.0%
#9
Barclays
Pulled back: 2022
Fees Earned
$350.0M
SPACs
30
Bankrupt
1
Client Return
-40.0%
#10
EarlyBirdCapital
Pulled back: 2023
Fees Earned
$300.0M
SPACs
55
Bankrupt
4
Client Return
-58.0%
💡 Did You Know?
Goldman Sachs earned $1.5 billion from SPAC underwriting, then quietly stopped doing SPAC deals in 2022 when the SEC started asking questions.