Goldman Sachs picks Harvey Schwartz as new finance chief Harvey Schwartz, who has been at Goldman since 1997, will take over from David Viniar at the end of January. Mr Viniar will retire from his position, but will become a non-independent director on Goldman's board. Mr Schwartz, who co-heads a business that generated more than 50pc of Goldman's revenues in 2011, will take over as chief financial officer as Goldman engineers steep costs cuts to sustain profits. The Wall Street bank is reducing costs by a further $500m (£307m) by the end of the year after already taking $1.4bn of costs out of the business. "Harvey's risk management judgment and broad understanding of our business and our clients have defined his career and will be the basis of his strengths as an effective CFO," said Lloyd Blankfein, Goldman's chairman and chief executive. Among Mr Schwartz's duties will be to explain the bank's strategy to Wall Street analysts on quarterly conference calls. Mr Viniar retires after helping to navigate the bank through the financial crisis, which saw billionaire investor Warren Buffett inject $5bn into the bank in the autumn of 2008. Mr Schwartz, who also co-chair's the bank's committee on regulatory reform, said that he will focus on enhancing the bank's "culture of risk management." Shares in Goldman closed little changed at $119.88 in New York.