The chairman of the Federal Reserve Bank of New York, Stephen J. Friedman, abruptly resigned on Thursday, days after a newspaper article raised questions about his ties to his former employer, Goldman Sachs.

Mr. Friedman, who led or co-led Goldman from 1990 until 1994 and remains a director, was chairman of the New York Fed at the same time. He also held a substantial stake in the firm as the Federal Reserve drew up plans to keep Wall Street’s banks afloat.

Denis M. Hughes, the New York Fed’s deputy chairman, will take over as interim chairman, the organization said in a statement.

Because the New York Fed approved a request by Goldman to become a bank holding company, the chairman’s involvement in Goldman was a violation of Fed policy, The Wall Street Journal reported in an article this week.