Goldman Sachs, Bank of America, JPMorgan Chase and Citigroup to lead planned share sale
A logo of Porsche is seen outside a Porsche car dealer in Brussels, Belgium on May 28 2020. Picture: REUTERS/Yves Herman
The choice of Goldman Sachs, Bank of America, JPMorgan Chase and Citigroup as joint global co-ordinators is another reminder of just how strong Wall Street’s grip on European equity capital markets has become. US banks have taken the top five underwriting slots on equity offerings in the wider Europe, Middle East and Africa region for the past two years, data compiled by Bloomberg show.
BNP Paribas, one of VW’s biggest lenders, as well as Barclays, also missed a top spot. It was not just European banks that came up short, as Morgan Stanley also pitched.
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