Goldman Sachs names new CFO

  @maureenmfarrell September 18, 2012: 5:42 PM ET
goldman sachs sign

Goldman Sachs' CFO David Viniar announced his retirement Tuesday.


Goldman Sachs' CEO Lloyd Blankfein doesn't show up for the bank's conference calls, but David Viniar, the bank's chief financial officer, is always on tap to walk investors and analysts through the nuances of the bank's quarterly earnings.

On Tuesday, Goldman Sachs announced that Viniar, a 32-year veteran of the bank, will retire at the end of January 2013. Viniar's profile was raised when he was one of the executives called to testify before Congress about the bank's role in precipitating the financial crisis.

Viniar will be replaced by Harvey Schwartz, who has been one of the co-heads of the bank's trading division. Schwartz will also become co-head of the bank's risk committee, where he currently serves as a member. When asked on a Tuesday conference call about his relative lack of experience managing risk, Schwartz told analysts that he'd rely on the help of his staff and Viniar over the next few transitional months.

Schwartz, a Goldman Sachs employee since 1997, told analysts he does not expects any material changes in how the company operates.

Bank stocks have been surging this year. Still Goldman Sachs (GS, Fortune 500), up 33% in 2012, is outperforming most other major banks, including Morgan Stanley (MS, Fortune 500), Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500). Only Bank of America (BAC, Fortune 500), up 66% this year, is ahead of Goldman Sachs. To top of page

Join the Conversation
Sponsored by
Index Last Change % Change
Dow 16,408.54 -16.31 -0.10%
Nasdaq 4,095.52 9.29 0.23%
S&P 500 1,864.85 2.54 0.14%
Treasuries 2.72 0.08 3.19%
Data as of 11:13pm ET
Company Price Change % Change
Bank of America Corp... 16.15 0.00 0.00%
Facebook Inc 58.94 0.00 0.00%
General Electric Co 26.56 0.00 0.00%
Cisco Systems Inc 23.21 0.00 0.00%
Micron Technology In... 23.91 0.00 0.00%
Data as of Apr 17
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
Find personalized rates:
Rate data provided
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.