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With the Hank Paulson era drawing to a close at Goldman, Sachs & Co., the spotlight will move to the firm’s next generation of leaders and the question of how the firm’s investment bankers will fare under a fixed-income leadership.

Paulson, 60, looks to be a lock for U.S. Senate confirmation as treasury secretary in the coming weeks, leaving the firm’s investment bankers deprived of their strongest ambassador. “He was the last protector of the investment-banking franchise,” said a former Goldman banker who worked with Paulson.

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