Goldman's Deep Bench May Keep The Streak Alive

Jon S. Corzine knows he has a very tough act to follow. On Sept. 13, in an announcement that stunned Wall Street, Stephen Friedman said he would retire at the end of November as chairman of Goldman, Sachs & Co.'s management committee--in effect chief executive officer--and that Corzine would take over the position. Friedman says he is stepping down because he is burned out by the job's intense demands. A driven, intellectual investment banker, he led the private partnership during the most prosperous era in its 125-year history. "I'd be crazy if I wasn't a bit apprehensive," admits Corzine.

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