Major banks to reduce fees

Morgan Stanley, Goldman Sachs Group Inc. and more than 50 other banks, vying for $25 billion of European initial public offerings, are cutting fees to the lowest since at least 1998.

Fees for share sales including Deutsche Postbank AG’s €1.6 billion ($1.95 billion) IPO and Belgacom SA’s €3.6 billion sale fell to an average of 2.3% this year from 2.7% last year and 3.1% in 2000, according to data compiled by Bloomberg. That’s less than half the amount banks get in the US.