The eight investment banks advising BHP Billiton on its abortive bid for Rio Tinto will lose out on about $140m (£90.6m) in fees after the world’s biggest miner walked away from the move.

After working on the bid for more than a year, Goldman Sachs, Citigroup, UBS, Merrill Lynch and HSBC are among those banks that will receive relatively little compensation for their efforts.