Goldman Sachs resignationThe chairman of Goldman, Sachs...


September 14, 1994

Goldman Sachs resignation

The chairman of Goldman, Sachs & Co. said he is resigning to make room for a younger management team at the nation's biggest privately held investment bank.

The resignation of Stephen Friedman, 56, announced yesterday, comes as Goldman is struggling against sharply lower earnings. While the privately held partnership is not required to publicly report results, Mr. Friedman described 1994 as "a frustrating year" in a comment on profits that was rare for a Goldman executive.

Delta won't meet fiscal deadline

Delta Air Lines Inc. will not meet its deadline this week for final plans on how to eliminate $2 billion in operating costs by mid-1997, Chief Executive Ronald Allen said yesterday.

Delta, which has suffered from competition with low-fare carriers such as Southwest Airlines and ValuJet, announced sweeping cost and job cuts in April that were to be set in place by 11 internal cost-cutting teams.

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