RegionsNorth AmericaGoldman’s CFO David Viniar to Step Down after 12 Years

Goldman’s CFO David Viniar to Step Down after 12 Years

Goldman Sachs’ long-serving chief financial officer (CFO), David Viniar, is to retire from his executive role at the bank early next year. His successor will be Harvey Schwartz, currently global co-head of Goldman’s securities division, who will replace him in January 2013 after a four-month handover period.

Viniar, who guided the bank through its initial public offering (IPO) in 1999 and also the 2008 financial crisis, which saw Goldman described as “a great vampire squid wrapped around the face of humanity”. He has been an employee of Goldman for 32 years and has spent 12 years in his current position, making him the longest-serving CFO on Wall Street.

The group said that Viniar, together with some independent directors, will join the 10-member board in January. It added that Schwartz will also succeed Viniar as co-head of its risk committee and retain or inherit responsibilities for regulation and technology, contrary to suggestions that the roles could be divided. Schwartz joined Goldman from Citibank in 1997 and was named a partner in 2002.

“Everything about the firm is in very, very good financial shape,” Viniar said during an investor call on 18 September. “We’re performing as well as we could, given the operating environment.”

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