Almost nine out of 10 UK corporates think investment banking fees are too high and four in 10 expect to see a reduction in charges, according to research from StreamVPN, a consultancy run by two former M&A bankers.

The companies interviewed spend less than $10m (€10.2m) a year on investment banking fees, including M&A and financing, and 86% of the respondents believed investment banking fees were too high. Almost half, 42%, spent up to $5m and 38% spent between $5m and $10m. None had paid more than $30m in fees in the past year but 6% paid more than $20m.