STOCK MARKET WATCH -- Wednesday, 19 September 2012

[Demeter]

7. Goldman names new CFO, heralding end of an era

http://news.yahoo.com/goldman-names-cfo-heralding-end-era-023332059--sector.html

Goldman Sachs Group Inc has named senior trading executive Harvey Schwartz to replace David Viniar as chief financial officer, the latest in a series of executive shuffles as the investment bank prepares for a change in top management. Schwartz, 48, is among a small group of executives who are considered potential candidates to take over as chief executive when Lloyd Blankfein eventually steps down.

When Schwartz starts his new job at the end of January, he will replace the longest-serving CFO on Wall Street.

"He is incredibly qualified for the position," said Jason Graybill, a senior managing director at Carret Asset Management, which owns Goldman bonds. "These banks are not in the go-go growth modes they were in the 80s, 90s and early 2000s."

"It's a merit-based promotion and sort of a next-generation promotion," said a Goldman source who knows the top executives at the firm. "Harvey's definitely on the short list of people who could be CEO one day," said the source, who declined to be named because he was not authorized to speak to the media.

JUST MAYBE A LITTLE TOO YOUNG (AND PERHAPS A LITTLE TOO POOR FOR THE JOB? MEANING, WILLING TO CUT CORNERS TO ENRICH HIMSELF?) DOES A 48 YEAR OLD HAVE ENOUGH EXPERIENCE IN LIVING TO DO A JOB OF SUCH RESPONSIBILITY?

ESPECIALLY IN A PLACE WITHOUT THE KIND OF REGULATION TO KEEP THE MANAGERS IN LINE....

Blankfein's eventual departure as CEO has been a subject of speculation for months. Over the past year, Goldman has been cutting staff to manage costs while moving younger bankers and traders into senior roles.