Major Wall Street banks Citigroup and JPMorgan Chase have withdrawn from advising on India's SBI Funds Management IPO, citing exceptionally low fees offered by selling shareholders State Bank of India and Amundi SA. The offered fees, around 0.01% of the issue size, are significantly lower than typical market rates. This decision highlights a pattern in government-linked deals where banks may accept token fees for prestige. Several Indian firms and local units of global banks have been appointed to the deal, with Jefferies Financial Group replacing Citigroup.