Matt Levine, Columnist

Citi Traders Didn’t Know the Rules

High-touch trading, books as leading indicators, HPS pay and memecoins.

December 4, 2024 at 6:34 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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A plausible model of traders at big investment banks might be:

Anyway Bloomberg’s Cathy Chan reports on Citigroup Inc.’s former Asia high-touch equities desk, which it fired in 2019: