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| David Viniar, right, Goldman Sachs' chief financial officer, testifies with Goldman Managing Director David Lehman before the Financial Crisis Inquiry Commission in 2010. (Alex Wong / Getty Images / September 18, 2012) |
NEW YORK --
Goldman Sachs' chief financial officer, who has been credited as among the most
essential executives at the powerful Wall Street investment bank for helping it
emerge strong from the financial crisis, is stepping down.
David Viniar,
a 32-year veteran of the bank, will retire at the end of January 2013 but will
join the board as a non-independent director.
His
replacement: Harvey Schwartz, the bank's global co-head of the Securities
Division, Goldman said in a statement at the end of the trading day in New
York.
Some
investors have seen Viniar as irreplaceable, as he helped guide its
risk-management and avoid much of fallout from the housing crisis and financial
crisis, according to a July 2011 Bloomberg News article.
“David’s the
brains behind the operation -- the institutional knowledge that guy has is just
unmatched,” Barclays analyst Roger Freeman told the financial news agency.
“It’s difficult to imagine that there are many people that can juggle as many
balls as he does seemingly effortlessly.”
Lloyd Blankfein, Goldman's chairman and chief executive, praised Viniar.
"From
helping to develop many of our most important risk-management processes to
attracting and mentoring generations of professionals to helping the firm manage
through the financial crisis, David represents the very best of Goldman Sachs
and its culture," Blankfein said in a statement.
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