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Financial Powerhouse Gets New CFO

Financial Powerhouse Gets New CFO

Saturday, Jun, 16, 2018 03:29PM

According to a new book, “College Majors: Handbook with Real Career Paths and Payoffs,” students earning an online degree in finance or participating in an online accounting degree program are within the top 20 highest-paying jobs. Individuals that have earned a bachelor’s degree in finance or accounting and wish to pursue a career in economics or financial management on average earn the top two median salaries in the field at $63,300 and $63,000, respectively.

Goldman Sachs, one of the top financial companies in the country, is currently going through several changes, including a new CFO and new rule changes from Washington, D.C.. The group’s next chief financial officer, Harvey M. Schwartz, will take over in January, replacing the 12-year CFO, David Viniar. Viniar, who was the longest serving CFO on Wall Street, is expected to join the firm’s board of directors as a non-independent director, according to Fox Business.

“We’ve always worried what would happen when David Viniar left,” Jim Rothenberg, who runs Los Angeles-based Capital Group Cos., a Goldman Sachs client and its second-biggest shareholder told Bloomberg. “Every change gets people somewhat nervous, but I don’t know that there’s a better individual there to take over this function.”

Regulators are intending on finalizing new rules on bank trading by the end of the year, and some proposals have already caused banks to end proprietary trading. Schwartz is ahead of most individuals in his position and is up to speed on many of the regulatory changes that will be set in place.

Viniar said that he was not intending on leaving the company until things were restored back to normal after the U.S. Justice Department and Securities and Exchange Commission began investigating the company. Goldman Sachs is considered the most profitable securities firm on Wall Street before it converted to a bank in 2008. The company climbed 33 percent this year in New York trading.

Incoming CFO Schwartz has spent a significant amount of time focused on risks while he was co-head of the securities division. However, his background in accounting has caused concerns among some analysts, but his through understanding for risk management is deemed as just as important to some. Because of this, Viniar has told reporters from Bloomberg that the firm is in good financial shape, and there are no material changes in the near future for the company. 

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