Citigroup faces $26 million in losses on Australian block trade

Citigroup Inc. is facing potential losses of as much as A$41 million ($26 million) after it was unable to fully sell a block of shares in Australia's Goodman Group it had underwritten for China's sovereign wealth fund, according to people familiar with the matter.

- 

The bank launched a sale of 50.4 million Goodman shares for China Investment Corp. on Tuesday evening, underwritten at a floor price of A$37.55. That's a discount of just 1.5% to the stock's previous close of A$38.12, terms of the de