£2bn Fees Place Banks in the Dock

It was revealed that Uk’s biggest banks are to be called to account for changing billions of pounds for their services to big businesses.
Investment banks like Barclays and Citigroup will come under the magnifying glass, with the Office of Fair Trading investigating fees charged to companies trying to raise fund during the depths of the economic recession.
Some £2 billion of charges were forked out by cash-strapped companies trying to shore up their balance sheets with share placings of £70 billion.
The inquiry will be launched this summer and will study fees, services as well as the level of competition in the market of equity underwriting.
According to OFT, it is said that many directors among the largest 350 public companies in the UK were dissatisfiied with the fees charged for underwriting share offers.