Stock underwriters that specialize in arranging new issues for smaller technology companies in the United States saw the revenue pendulum swing away from them in the second quarter, as Wall Street cooled on the Internet craze.

FleetBoston Financial Corp. is perhaps the starkest example. After riding high on the tech-driven bull market in the first quarter and last year, Fleet's San Francisco-based investment banking arm, Robertson Stephens & Co., lead just two issues in the second quarter, with total proceeds of $122 million. It had less than a 1% market share.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.