At which point he decided he’d stick around for another 20 or so years. Read more »
J.P. Morgan named finance executive Marianne Lake to succeed Douglas Braunstein as chief financial officer of the largest U.S. bank. The appointment makes Ms. Lake one of the most powerful women on Wall Street as the New York company shuffles its leadership and recovers from a massive trading loss. The 43-year-old Ms. Lake currently is chief financial officer for the bank’s consumer unit. J.P. Morgan said that Mr. Braunstein will become a vice chairman of the company following Ms. Lake’s transition to the CFO position in first quarter 2013…Ms. Lake is known within the company as smart and assertive in the style of Mr. Dimon. “She talks so fast because she knows her numbers so well,” said a person close to the bank. [WSJ]
What do you know about soon-to-be Goldman Sachs CFO Harvey M. Schwartz? Probably not much, but luckily Bloomberg profiled the guy today and came back with a couple moderately amazing tidbits about David Viniar’s successor. Such as one, the fact that he likes his women with some gunshot wounds on their bones (“Schwartz…lives with Annie Hubbard, whom he met in 2003, a year after she was shot helping subdue a hostage-taker at an East Village bar”) and two, to date he is the only known Goldman Sachs executive to play a role in a chick lit novel that went on to become a major motion picture (Jon Winkelried’s cameo in The Notebook, which was left on the cutting room floor, sadly does not count). Read more »
Back in 2009, Goldman Sachs Chief Financial Officer David Viniar, whose face may not be as recognizable to you as that of Lloyd’s but whose voice you’ve likely found just as if not more soothing each time you hear it during the firm’s earnings calls, decided he was ready to move on after a three-plus decade long career with The Firm. Normally, that would have been just fine; people would have wished Viniar all the best as he happily waved good-bye to all his colleagues and friends from the gondola lift made of fluffy clouds and money that transports all Goldman Sachs executives to retirement.
Unfortunately for DV, however, it was around the time that he started to think about leaving that Goldman hit some unfortunate rough patches that included “a civil fraud suit by the Securities and Exchange Commission over marketing of mortgage-related securities, a federal criminal probe on the same matter, and a civil suit brought by a hedge fund that bought a Goldman CDO.” And while other higher-ups– no names: Jon Winkelried– would have thought nothing of abandoning Lloyd in his time of need or what kind of message it would have sent that a top official was calling it quits, David “Bones” Viniar is a little more loyal than that. Lot more loyal in fact (“He’s so loyal he’s only going to do anything when the timing is appropriate,” one person said at the time, adding that “David will do whatever the firm asks of him”) and so he stayed. Stayed by Lloyd’s side during his darkest hour. Stayed when the Goldman needed him most. And although some might have hoped he’d forget about wanting to leave; that he could be tricked into staying “just one more year” and another and another and another after that; that that good-bye he put on hold would stay on hold forever; that, if all else failed, Gary Cohn could physically prevent DV from leaving by putting him in a sleeper hold with his legs…that good-bye has come. Read more »
Generally speaking, when people gather around to play a parlor game of guessing who will replace whom on Wall Street, they a) are discussing Chief Executive Officers and b) choosing one of several names for their pick of successor. Not today. Because today we speak of David Viniar, Goldman Sachs’ Chief Financial Officer since 1999. According to Bloomberg, DV “may not be replaceable,” period. Logic dictates that that should be the end of the discussion. In the event Viniar decides not to work for Goldman in perpetuity, however, contingency plans must be made. As such, a few names of potential successors have been thrown out (Controller and Chief Accounting Officer Sarah Smith, Treasurer Elizabeth “Liz” Beshel) and while they sound like okay candidates, are simply not enough. Because in this particular case, we need an army to replace one man.
The longest-serving chief financial officer of any major Wall Street firm may find his multiple roles distributed among two or even three deputies when he eventually steps down, according to two people with knowledge of the firm’s internal deliberations…Some executives at the firm are skeptical that any single successor would be as adept as Viniar in handling all those functions, the people familiar with the situation said.
Has the gravity of the situation not yet penetrated? Then let us lay some truth on your ass. Read more »