Goldman Sachs caused controversy when it upgraded shares in Allianz the day before the German insurer priced its €4.4bn ($4.8bn) rights issue, because the US investment bank is one of the deal's underwriters.

Goldman Sachs is a joint global co-ordinator, lead manager and underwriter of the Allianz offer, alongside Deutsche Bank, UBS Warburg and Citigroup.

Shanny Basar

Allianz

Citigroup

Deutsche Bank

Goldman Sachs

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Goldman controversy over Allianz upgrade

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