When Goldman Sachs bought the commodities broker J. Aron & Company in 1981, the cultures clashed. For years, Goldman bankers treated their new colleagues with little respect, and J. Aron staff members were even forced to ride in a separate elevator bank.
Now, J. Aron alumni control the elevator to the executive suite. In the latest sign, Goldman Sachs announced last month that one of them, Harvey M. Schwartz, will be succeeding David A. Viniar as chief financial officer.
Mr. Schwartz, who got his start at J. Aron in 1997, joins a vaunted group.
The bank's chief executive officer, Lloyd C. Blankfein, started at J. Aron as a gold salesman just months after Goldman bought the firm. Gary D. Cohn, Goldman's president and chief operating officer, was hired as a metals trader in 1990 and quickly established himself as a go-to guy to fix tricky situations.
Among the other J. Aron alums are Edith Cooper, who runs human resources; Timothy J. O'Neill, co-head of the investment management division; and the co-heads of securities, Pablo J. Salame and Isabelle Ealet.
The ascension of these executives is a nod to the firm's transformation over the years. Goldman, which once relied largely on investment banking revenue, has evolved into a trading powerhouse. (While the J. Aron unit still exists, it is rarely referred to as an independent group.)
Mr. Viniar's departure also opens a valuable spot in the partnership pool. Goldman is expected to name fewer than 100 new partners, probably next month, in one of the smallest classes in recent years.
The partnership race is widely watched within the firm and across Wall Street. Goldman spends months vetting potential partners every two years. It is a way of rewarding top producers, and the executives selected are typically among the highest-paid people at the firm and have an inside track to top jobs at the firm. In 2010, 110 new partners were named.
