Citigroup Inc. fell out of the ranks of the top five earners of fees from U.S. initial public offerings this year, while Goldman Sachs Group Inc. won the biggest share of the $923 million pie.

Citigroup, which was among the top three fee earners from 2005 to 2008, made $68.3 million arranging initial sales, a drop of 52% from a year ago and less than half the amount that each of the top three underwriters earned in 2009.

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