Goldman Sachs' CFO David Viniar announced his retirement Tuesday.
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 (Fortune 500), up 33% in 2012, is outperforming most other major banks, including , Morgan Stanley (Fortune 500), , Citigroup (Fortune 500), , JPMorgan Chase (Fortune 500) and , Wells Fargo (Fortune 500). Only , Bank of America (Fortune 500), up 66% this year, is ahead of Goldman Sachs. ,
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