FINANCE NOTES: COCA-COLA BEGINS MASSIVE OVERHAUL

          Coca-Cola revealed yesterday that it is "slashing" 20%
     of its work force, or 6,000 employees, after the company
     "reported its first earnings loss in at least a decade,"
     according to McKay & Lublin of the WALL STREET JOURNAL.  The
     cuts "were a bombshell" for company employees, and the
     layoffs were "pushed" by an "activist" board of directors,
     which "has grown increasingly impatient with Coke's sagging
     earnings" (WALL STREET JOURNAL, 1/27).  In Atlanta, Henry
     Unger writes that the downsizing was the "biggest" in
     company history and "an admission the company has gone down
     the wrong road" (ATLANTA CONSTITUTION, 1/27).  Coca-Cola
     President Douglas Daft: "The world in which we operate has
     changed dramatically and we must change to succeed.  We must
     think local and act local, taking our business to where our
     business is" (N.Y. DAILY NEWS, 1/27).  Shares in Coca-Cola
     were down 4% yesterday to close at $63.06 (THE DAILY).