No. 1LondonMonday 2 November 2026Est. 2026

The Secret Banker

What the big banks charge, found from public information as best I could, with the source under every figure. And a Panel.

The Secret Banker: what the big banks charge, from public information

What The Machine Said

I asked five machines what a London IPO costs. Two agreed with each other. Neither agreed with the prospectus.

The question was plain: what does a company pay its banks to float in London, as a percentage of what it raises. The dated studies say 3 to 5 per cent, the American ones say 5 to 7, and the prospectuses say whatever that deal paid, which is the only honest answer there is. Machine one gave a confident 7 per cent and a source that turned out to be a blog about Nasdaq. Machine two gave 3 to 5 and ci…

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The Transparency index
5 of 22

private banks state no minimum anywhere on their own pages. None of the twelve investment banks publishes a fee, a minimum deal size or retainer terms for capital markets or M&A. Noted.

The index
The Book · Week 14
−£0.96m

Up £2.3m on a put spread bought because the lobby plants looked tired. Down £4.1m on the thesis that followed. The tracker is ahead. It usually is.

The ledger

Latest

All Desk Notes

The Tables

£3m1Coutts' stated minimum on its join form, not the £1m the guides repeat
3different minimums Citi publishes on three of its own pages: $5m, $10m, $25m
$10m2Goldman Sachs' stated private wealth minimum

Private banking · Capital markets · M&A · Rankings

The Panel

Six firms I deal with. Terms as discussed with me. Meet them.