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It means that the MD of your group was caught kicking ice cubes under the fridge of the client, and pissed them off so much that they're doing jack shit.
No but seriously lol
i think it means the firms customers are getting some of the IPO securities....but the bankers aren't getting any underwriting fees...but its been so long since i've worked on a capital markets desk (20 years) that i could have that backwards
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