Some of the biggest names in the European equity capital markets have seen their fee income from new issues collapse by as much as 90% in the first half of this year, according to analysis by Financial News.

The analysis of every deal in Europe larger than €50m ($42m) in the first half of 2000 and 2001 shows that Goldman Sachs, which dominated the new issue market in 2000, has seen the fees from deals on which it was bookrunner fall by an estimated 78%.