New Goldman Sachs CFO makes debut


Goldman Sachs will mark the end of an era when it reports earnings on Wednesday. It will be the last earnings release overseen by outgoing CFO David Viniar, who had built himself into quite an institution on Wall Street. He held the job for 12 years, which is an eternity on Wall Street. No other big bank CFO is even close to such tenure. 

Had Viniar or CEO Lloyd Blankfein left any earlier, it would have raised issues about the stability of the bank. But the bank has returned to relative calm, and the time for a transition is ripe. The incoming CFO, Harvey Schwartz, certainly has some big shoes to fill, and those shoes will not be far. Viniar will join the Goldman Sachs board upon his retirement. The company has every intention of getting its new CFO off to a good start, and we'll be seeing more positive articles in the near future. 

Reuters gets things started noting that "interviews with Goldman executives who know the incoming CFO give insights into why the bank picked him for the job and what he may do with it. In many respects Schwartz is like Viniar, the executives said. Schwartz is a capable risk-manager who is expected to maintain Viniar's cautious stance on risk-taking. They said Schwartz understands the nitty-gritty of complex finance and is also able to speak in plain English in front of investors and clients. He already commands respect within the firm and is beginning to build a following outside, having met with investors and analysts dozens of times over the past year, they said."

His formal debut was shceduled for February 12 at a conference in Miami. But oversaw the recent earnings conference call with analysts. We wish him well in an extraordinarily hard job.

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