Citigroup Bids Where Goldman Won’t in Block-Trade Rivalry
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Gus Levy, who ran Goldman Sachs Group Inc. in the 1970s, used to stomp around the trading floor proclaiming that his bank wasn’t relevant if it lost out on a block trade.
Now, Levy’s successors are more wary about chasing deals as they watch competitors make ever-more aggressive bids, including one trade where Citigroup Inc. paid more than market price, to take the lead in buying big chunks of stock from investors.