Goldman’s board has discussed a possible transition from David Solomon to President and COO John Waldron, although the bank says there is no definitive timeline for a CEO change.
Goldman Sachs is facing renewed attention over its next CEO, with the bank’s board discussing a possible transition from David Solomon to President and Chief Operating Officer John Waldron, according to people familiar with the matter.
Reports indicate that Waldron could succeed Solomon as early as 2027 or 2028, with Solomon potentially moving into the role of executive chairman. However, Goldman Sachs has stressed that no definitive succession timeline has been established.
The discussions come as Goldman reports strong financial performance and continues to expand its investment banking and asset and wealth management businesses.
Goldman Reports Record Second-Quarter Revenue
Goldman Sachs reported $20.34 billion in net revenue for the second quarter of 2026, along with net earnings of $6.63 billion and an annualised return on common equity of 23.5%. The quarter marked a record for the firm.
The bank has also remained active in mergers and acquisitions and other capital-markets businesses. Its strategy has increasingly focused on strengthening its Global Banking & Markets and Asset & Wealth Management franchises.
That performance has made the succession discussion particularly significant for investors watching whether the bank’s current strategy will continue under its next leader.
John Waldron Emerges as the Key Successor
Waldron, 57, has served as Goldman Sachs’ president and COO and has long been viewed as a leading internal candidate to succeed Solomon.
He joined Goldman Sachs in 2000 after beginning his career at Bear Stearns and rose through the investment banking division. He became president and COO in 2018 and joined Goldman’s board in 2025.
His position was reinforced last year when Goldman awarded him an $80 million retention package following interest from outside firms. Reuters reported that Waldron had also been approached by Apollo Global Management.
Waldron has played a significant role in Goldman’s operational and technology initiatives, including the firm’s One Goldman Sachs strategy.
No Confirmed Date for Solomon’s Departure
Goldman Sachs has pushed back against reports suggesting that a specific succession date has already been agreed.
Tony Fratto, a Goldman Sachs spokesperson, said the board regularly discusses succession as part of its governance process but that there is “no definitive timeline for succession at Goldman Sachs.”
The reported possibility of a 2027 or 2028 transition therefore remains subject to further discussions and board decisions.
Under the scenario reported by The Wall Street Journal and Reuters, Solomon could remain with Goldman as executive chairman for a period after leaving the CEO role.
Solomon’s Eight Years at the Helm
Solomon became Goldman Sachs CEO in October 2018 after succeeding Lloyd Blankfein.
His tenure included an aggressive expansion into consumer banking, followed by a retrenchment from parts of that strategy. The bank subsequently refocused on its core institutional businesses and expanded its asset and wealth management operations.
Goldman’s share price has risen substantially during Solomon’s tenure. Reuters reported that the stock has more than quadrupled since he became CEO.
The bank has also continued to pursue acquisitions in asset management. In August, Goldman announced an agreement to acquire NEOS Investments as part of its expansion in the sector.
A Leadership Change Could Reshape Senior Management
A transition to Waldron would also affect Goldman’s broader leadership structure.
Waldron currently holds both the president and COO roles, meaning his appointment as CEO would create openings elsewhere in senior management. Reuters and The Wall Street Journal have reported that other senior executives could take on expanded responsibilities as part of any eventual reshuffling.
The transition would also continue a long association between Solomon and Waldron, who have worked together at Goldman for many years.
For now, however, the bank’s position remains unchanged. Solomon is CEO and chairman, Waldron is president and COO, and the board has not announced a formal timetable for a leadership change.
The succession discussion is therefore less about an immediate change at Goldman Sachs and more about how the Wall Street firm’s next leadership structure is being considered while its current strategy continues to evolve.
Read more news and follow us on Instagram.
David Solomon, Goldman Sachs Chairman and CEO (Credit: Goldman Sachs)
Source: Business Connect
