Veteran Risk Manager To Leave Wall Street -- WSJ

By Liz Hoffman and William Louch Features Dow Jones Newswires

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (November 7, 2017).

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Craig W. Broderick, a member of Goldman Sachs Group Inc.'s management committee and the firm's chief risk officer, is retiring in January, according to an internal memo.

Mr. Broderick is Wall Street's longest-serving chief risk officer and held the post through most of the financial crisis, during which Goldman -- while bruised -- made out better than others. He will become a senior director at the firm upon retirement, signaling he won't be heading to a rival, according to the memo reviewed by The Wall Street Journal.

Robin Vince will replace Mr. Broderick effective Jan. 31, the memo said. A Goldman veteran who has been at the firm for more than two decades, Mr. Vine is currently the firm's treasurer.

Mr. Vince was named to that position in 2015, succeeding Liz Beshel. He currently co-chairs the firm-wide finance committee and will become a member of the management committee.

Mr. Broderick became Goldman's chief risk officer in 2008 and later testified in front of the congressional financial-crisis commission. The firm's memo highlighted the central role he played in dealing with the ramifications of the financial crisis, praising his "sure and steady hand" and "deep understanding of risk."

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A 32-year Goldman veteran -- he joined the firm from Chase Manhattan in 1985 as a credit officer -- Mr. Broderick became the first chief risk officer in Goldman's history to be appointed to the firm's management committee. That move was widely viewed as marking the ascendancy of risk and control functions in the wake of the crisis.

Earlier this year, he helped oversee a reorganization meant to ensure the risk division remains independent from the businesses it oversees.

"People sometimes talk about building an airplane while it's flying," Mr. Broderick told The Wall Street Journal in 2014, speaking about his firm's efforts to revamp its oversight and management systems. "To me, it feels like we're turning a two-engine plane into a four-engine plane in flight."

Beth Hammack, Goldman's global head of rates trading, will become treasurer in Mr. Vince's stead. Before starting her current role in 2015, she held a number of roles on the interest-rate products desk. She made partner in 2010.

Write to Liz Hoffman at liz.hoffman@wsj.com and William Louch at william.louch@wsj.com

(END) Dow Jones Newswires

November 07, 2017 02:47 ET (07:47 GMT)