Facebook banks get small fee

Facebook will pay a fee of just 1.1 per cent to underwriters of its initial public offering, a source with knowledge of the company's plans said yesterday. Facebook's underwriters include Morgan Stanley, JP Morgan, Goldman Sachs, Bank of America, Barclays and Allen & Co. Earlier this month, the company also named an additional 25 banks as underwriters. The smaller-than-usual fee is offset by the size of the $5bn float.