[ by Larry Goldfarb ]

When a bank CFO resigns, the announcement is usually met with yawns if the announcement is even read at all. But, it is the consensus on Wall Street that the departure of David Viniar, 57, holds greater significance for Goldman than would the departure of a chief financial officer from any other Wall Street bank. Both inside and outside of Goldman, many consider Mr. Viniar to be the bank's most valuable executive, a financial wizard and deft risk manager with a mastery of Goldman's complex balance sheet.

Goldman Sachs introduced Viniar's replacement on Tuesday, Harvey M. Schwartz, a 48-year-old executive, is Goldman's new CFO.  Schwartz may be the first of the next generation of leaders to run the storied Wall Street firm.  

Mr. Schwartz, a New Jersey native, joined Goldman in 1997 after spending the early part of his Wall Street career at Citigroup. He earned his bachelor's degree from Rutgers and an M.B.A. from Columbia University.  Affable and brawny, Mr. Schwartz has spent most of his Goldman career working with clients. At Goldman's investment bank, he advised corporate clients on their financing needs, and then moved over to the securities unit, where he has helped oversee much of the firm's trading operations, as well as its relationships with large mutual funds and hedge funds.

Mr. Viniar, who began his career at Goldman in 1980, had been telling colleagues for the last year that he was looking for an appropriate time to move on.  Analysts said the departure of Mr. Viniar, who was viewed by analysts and investors as a source of stability for Goldman, indicated that the bank's leadership believed it had put one of the most challenging times in its history behind it. And it will likely spur further speculation about who will replace Mr. Blankfein, Goldman's chief executive since 2006. Mr. Blankfein, who will turn 58 on Thursday, has said he has no plans to retire.

Mr. Schwartz will take over the CFO. post during a moment of relative calm for Goldman. Though the economic environment remains uncertain, the markets have steadied. The bank has digested many of the post-financial-crisis regulatory changes, and has put many of its regulatory woes behind it, including paying $550 million to settle accusations by securities regulators that it misled investors in its sale of mortgage securities. The Justice Department recently notified Goldman that it would not face criminal prosecution.

Several analysts questioned whether Mr. Schwartz had the financial chops for the job. In response, Mr. Viniar pointed out that he himself was not trained as an accountant and had instead relied heavily on his team of controllers and financial managers. And, he added, Mr. Schwartz had a great deal of experience with managing the firm's risk, a crucial part of the job.  "I have sought Harvey's advice on risk judgments and market knowledge for a long time, and I know he will be an outstanding chief financial officer," Mr. Viniar said.

Tuesday's announcement put an end to speculation over Mr. Viniar's replacement. Goldman traditionally promotes its homegrown talent rather than hiring from outside the bank. Two of Mr. Viniar's lieutenants - the treasurer, Elizabeth Beshel Robinson, and the chief accounting officer, Sarah Smith - were also seen as candidates for the post.