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SCORECARD - Cracking the Tech Bankers' Code
Seven years after the '90s bubble burst, technology companies are once again filling Wall Street's coffers.
Technology companies are rebounding after several long years. Sector bellwethers such as Amazon.com and Cisco Systems are enjoying spectacular runs in the stock market, and tech concerns are making deals at a torrid pace, once again supplying Wall Street with a fat kitty of fees. Investment banks' revenue from tech financing and M&A advice hit $2.86 billion over the past 12 months, according to research firm Dealogic. That's up 21 percent from the same period one year earlier.
Goldman, Sachs & Co. more than doubled its fee revenue over the past year, leaping from fifth place to first among tech banks and displacing longtime powerhouse Credit Suisse, whose fees still jumped 18 percent. Other firms that lost ground despite growing revenues included Morgan Stanley, which dropped from second to fourth, and Merrill Lynch & Co., which fell a notch to seventh. Only one of the top-ten tech banks saw fees shrink: Citigroup, which missed out on the big advisory mandates that powered competitors and fell from fourth to sixth place.