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Investment banking: Rough landing for Goldman bankers

The US bank's M&A team has paid the price of being more aggressive to justify its existence

Hank Paulson, chairman of Goldman Sachs, may have delivered a terminal blow to his investment banking division's attempts to claw back market share and credibility by ordering the bankers to stop using Goldman money to finance hostile takeovers.

One Goldman insider said: "It's the adage – the sin is not doing something wrong but getting caught doing it."

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