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November 16, 1994|From Times Staff and Wire Reports

Goldman, Sachs Co. Says Top Bond Expert Retiring: The nation's biggest and richest investment banking partnership said partner and chief economist Robert M. Giordano will leave Nov. 25 at the age of 46. He was responsible for forecasts on interest rates, the economy and Federal Reserve Board policy and was the chief spokesman on the economy and the bond markets. He will be the seventh senior bond partner to leave the New York-based firm in the last two years. No successor was named. Goldman this year has lost the partners responsible for most of the firm's record $2.3-billion profit for fiscal 1993. Among them was Chairman Stephen Friedman. Giordano was one of many financial experts who underestimated how much interest rates would rise in 1994. Goldman's profit this year is expected to slump 70%, to about $600 million, as rising rates depress bond prices.

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