Citi, JPMorgan opt out of $1.4 billion SBI Funds IPO on low fees: Report

Major Wall Street banks, including Citigroup and JPMorgan, have withdrawn from advising on India's SBI Funds Management IPO due to exceptionally low fees. Shareholders offered a mere 0.01% of the issue size, a rate described as "rock bottom" by bankers, prompting the pullouts. Several Indian firms and local units of global banks have been appointed to the deal.