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Investment Banking

One of Wall Street’s Most Lucrative Businesses Is at Risk

Venture capitalists are embracing direct listings and curbing fees for bankers.

Citadel Investment Group LLC in Chicago, Illinois
Photographer: Tim Boyle/Bloomberg
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They flew in from across the U.S.—venture capitalists and entrepreneurs—to discuss a new way to sell stock to the public and keep more money for themselves. The venue, appropriately, was a landmark hotel nicknamed “The Bonanza Inn.”

Not invited: the bankers who’ve long dominated initial public offerings.