![MB_banner_capital_markets-780](https://assets.euromoneydigital.com/dims4/default/b2fb259/2147483647/strip/true/crop/1920x943+0+0/resize/800x393!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fba%2F0b%2F5c1af0ff412e8e3fbfb02d977c28%2Fmark-baker-capital-markets-1920px.jpg)
Would banks that have traditionally charged young companies hefty fees to arrange their IPOs lose out from a greater move towards direct listings with no primary capital raising?
The question has been raised a few times in recent weeks, not least during Goldman Sachs's third quarter earnings call at which CEO David Solomon brushed off such concerns.