The Evening Standard has an interesting article on the ‘fury’ in British boardrooms at the level of fees banks are charging for share placings and rights issues.

Although many of this year’s biggest issues have been priced at a discount, making it easy to place them with investors and leaving little chance that banks will have to pick up the underwriting tab, banks are apparently charging fees of 6%. Historically they were only 2%.

The paper quotes one client, who complains: "Seventy per cent of what they charged us was for underwriting. But the shares were placed at a huge discount on the bank's advice. So they flew.”

However, it has also unearthed someone to fight the corner for ECM. "It may look easy but it isn't. It's not so long ago that we were getting stuck with stock we couldn't place. It only takes one of these deals to go wrong, and suddenly you'll see that we are taking risks," says one banker.

Despite this riskiness, ECM bankers are doing fairly well this year. According to research firm Dealogic, ECM fees are up more than 200% in the second quarter compared to the first, and more than 20% in ytd 2009.

Three Merrill bankers wanted to buy the bank back. (Financial Times)

The options for BofA-Merrill employees are likely to expand. (DealJournal)

JPMorgan hires Merrill vet as head of M&A. (Bloomberg)

Six signs that things are getting better. (Telegraph)

Global M&A down 50% in first half. (Financial News)

UBS might need a little less space. (Bloomberg)

Hands off my hedge fund. (DailyBeast)

CIA wants redundant bankers too. (CNBC)

Advice for the older job hunter. (CNBC)

Redundant Credit Suisse bankers hang out on the beach playing Slade U2 covers. (Bloomberg)

Porsche sales down 27.6%. (Wall Street Journal)

Piratery Corp Inc First Quarter Update Call: “The wenches still be wenchin’ weakly, but the rate at which their wenchin’ was weakenin’ hasn’t worsened.” (LongorShortCapital)