Goldman Sachs Vice Chairman John Weinberg to Retire

By Maria Armental 

John S. Weinberg, whose family helped run Goldman Sachs Group Inc. for more than a century, is retiring after 32 years with the company.

A vice chairman since 2006, Mr. Weinberg will stay on as a senior director, Goldman's Chief Executive Lloyd Blankfein and President Gary Cohn wrote Monday in an email to workers. Company officials didn't specify the effective date of Mr. Weinberg's retirement, but said the retirement wasn't effective yet.

"During his more than three decades at the firm, John was responsible for many of our most important clients," Messrs. Blankfein and Cohn wrote. "His work as a trusted adviser has been characterized by integrity, transparency, humility and a deep understanding of each client's business. As a result, his advice and counsel have been deeply valued by corporate leaders across industries."

The retirement was reported earlier by Bloomberg News.

Mr. Weinberg, 58 years old, joined Goldman in 1983 as an associate in corporate finance and rose the corporate ladder, becoming a leading voice in setting Goldman's culture. In December, he shifted over to focus on client development and initiatives. Mr. Weinberg became a partner in 1992.

The Weinberg dynasty at Goldman began with his grandfather, Sidney J. Weinberg, who played a key role in forging and maintaining Goldman's long run as in investment-banking powerhouse. The elder Weinberg joined Goldman, then a private partnership, in 1907 and became a senior partner from 1930 to 1969, taking leaves to work in government in the Roosevelt and Truman administrations.

His son, John L. Weinberg--John S. Weinberg's father--ran Goldman in the 1970s and '80s, ushering the firm's modern era and international expansion as co-chairman with John Whitehead.

Justin Baer contributed to this article.

Write to Maria Armental at [e-mail]

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