Goldman Sachs Group Inc.'s chief financial officer is retiring, and his replacement is a longtime executive at the investment bank.

Goldman said on Tuesday that David Viniar is stepping down. Harvey M. Schwartz will replace him at the end of January.

Viniar has spent 32 years with Goldman, the last 12 as CFO. After he leaves the post, he will join the company's board as a non-independent director.

Schwartz served most recently as the global co-head of Goldman' securities division. He joined the company as a vice president in 1997, became a managing director in 1999, and was named partner in 2002.

In his new role, Schwartz will have oversight of operations, technology and finance at the bank. He will also serve as co-head of the Firmwide Risk Committee.