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Equities Chief, 2 Others to Leave Goldman

October 24, 1998| Bloomberg News

Goldman, Sachs & Co.'s vice chairman and head of equities, Roy J. Zuckerberg, will retire, forfeiting a chance to receive as much as $100 million in shares if the richest Wall Street partnership completes a stock sale. His retirement next month at 62 comes amid speculation that about 25 of the firm's 245 partners will leave this year. Already set to depart are Christopher Flowers, 41, head of the financial institutions group. His decision came shortly after the company said three managing directors, not including Flowers, will run Goldman's investment banking business. Goldman said Michael McCarthy, head of municipal finance, will also retire. The departures come as Goldman's plan for an initial public offering appears unlikely to be revived soon, analysts said. The firm canceled the sale last month as stocks of its biggest rivals fell at least 60% in a market decline. The firm was expected to be valued at about $30 billion, giving senior partners stakes worth about $100 million.

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