The competition has been described as “bloody”, “rampant” and even “carnivorous”.
Amid the worst drought of initial public offerings and rights issues since the collapse of Lehman Brothers, equity capital market bankers are having to work extra hard to stay relevant this year.
In this tense atmosphere, investment bankers are bidding more aggressively – and sometimes disastrously – for so-called “block trade” work, where banks buy large quantities of stock at a discount and sell it on to investors.
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