David Viniar

  • News

    David Viniar’s Work Here Is Done

    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 put him in a sleeper hold with his legs…that good-bye has come

    Goldman Sachs today announced that Harvey M. Schwartz, the global co-head of the Securities Division, will become Chief Financial Officer at the end of January 2013. After a distinguished 32 year career at the firm, including 12 years as the Chief Financial Officer, David Viniar has decided to retire and will join the Board of Directors as a non-independent director at that time. The firm expects to appoint additional independent directors to its board in the near term.

    David Viniar retiring as Goldman CFO [FT Alphaville]
    Related: David Viniar Stands By His Man

    / Sep 18, 2012 at 5:10 PM
  • Banks

    Goldman’s Partner Departures In a Year of Shrinking Comp Are Actually a Sign of Loyalty

    You can’t possibly care about GS earnings can you? “Beat Diminished Expectations” is an elegant summary. FICC looks anemic relative to JPM and C but as Glenn Schorr of Nomura pointed out on the call some of what those guys call FICC Goldman calls “Investing & Lending” and an important principle of selling financial services […]

    / Apr 17, 2012 at 12:58 PM
  • News

    Goldman Sachs Probably Won’t Be Laying People Off Anytime Soon

    People being the operative word here, as the statement “we’re going to look for other means for efficiency” most certainly suggests plants may once again find themselves on the chopping block.

    After a year of cost-cutting that resulted in more than 2,400 job cuts, Goldman Sachs is satisfied with its staffing levels and doesn’t intend to conduct more large layoffs. Chief Financial Officer David Viniar said the firm has “largely implemented our announced expense reductions” and is “relatively well-positioned, assuming the environment stays where it is.” He was speaking on a conference call with analysts to discuss first-quarter earnings. “We’re going to look for other means for efficiency,” he said. “I wouldn’t expect anything major to change from where we are.”

    Goldman Sachs Ends Layoffs [FINS]
    Related: Layoffs Watch ’11: Goldman Sachs’ Philodendrons In The Line Of Fire

    / Apr 17, 2012 at 12:43 PM
  • Banks, News

    David Viniar’s Anti-Regulator Message On The Goldman Sachs Earnings Call Is Much Subtler Than That Of Some People He Could Name

    Like I mentioned earlier, the David Viniar show this morning is a good time in its (relatively) quiet way. If, like me, you’ve drunk the GS we-understand-risk Kool-Aid, you’ll particularly enjoy Viniar’s take on capital requirements, which is – and I say this as a compliment – pretty cynical. Now, one thing that you might […]

    / Jan 18, 2012 at 5:10 PM
  • News

    Goldman Sachs Will Need To Provide Multiple Successors For CFO David Vinair

    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. […]

    / Jul 8, 2011 at 1:26 PM
  • News

    Goldman Sachs Can Appreciate The Financial Crisis For Its Teachable Moments

    Goldman Sachs was “buying more illiquid assets than we probably should have,” Viniar, 55, said today at a conference in Miami hosted by Credit Suisse Group AG, his eighth consecutive appearance at the annual event. “It was a good lesson learned.” [Bloomberg]

    / Feb 9, 2011 at 12:40 PM
  • News

    David Viniar Stands By His Man

    Perhaps some of you remember Jon Winkelried? The former Goldman Sachs co-president is persona non grata at the firm but for the purposes of context, a quick refresh: Winkelried was the good for nothing prick who abandoned Lloyd Blankfein when the CEO needed him most, and when it would look most bad for the company […]

    / Jun 11, 2010 at 10:45 AM
  • News

    Dick Bové: Lloyd Blankfein To Go Down For The Dirt Nap

    In a remarkable (and uncharacteristic) show of restraint, the analyst did not nominate her main man, Ken Lewis, for the job. (But don’t think it’s not coming.)

    / Apr 16, 2010 at 5:30 PM
  • News

    Bonus Watch ’10: Goldman Sachs

    Goldman CFO David Viniar said today that he has no “magic formula” for pay this year, and that it would depend on a number of factors, including the firm’s performance, competition and mostly “the world around us.”

    / Feb 10, 2010 at 12:52 PM

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