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Goldman Sachs said there was “no definitive timetable” for the resignation of Chief Executive David Solomon, following reports that his deputy John Waldron could succeed him as soon as next year.
The Wall Street Journal reported Monday that Goldman’s board had discussed taking on Waldron in late 2027 or 2028. The newspaper also said Solomon could serve as executive chairman for a year or two after that.
Goldman spokesman Tony Fratto said: “Of course, the board discusses succession regularly, as we indicate in our filings, but there is no definitive timetable for succession at Goldman Sachs. Any assertions regarding timetable are purely speculation.”
Waldron, Goldman’s president and chief operating officer, is widely seen as the heir apparent to Solomon, who has led the investment bank since 2018, when he replaced Lloyd Blankfein.
Both Solomon and Waldron received five-year retention bonuses, worth $80 million each, in early 2025. Solomon does not need to remain CEO during that period to receive this compensation.
Wells Fargo analyst Mike Mayo said in a note that Waldron was “close to David Solomon, already has broad responsibilities, received a large retention award, serves on the board and is well known internally and externally. The bigger question is what happens to other senior executives who are passed over for president or COO.”
Waldron has known Solomon since the early 1990s, when he began his career on Wall Street at Bear Stearns. Solomon then recruited Waldron to Goldman in 2000 and the two moved forward in tandem. Salomon named Waldron president when he became chief executive eight years ago.
The first half of Solomon’s tenure at Goldman’s helm was marred by a loss-making expansion into retail banking — a Main Street push that was at odds with the investment banking pedigree on Wall Street.
After billions of dollars in losses, Solomon largely abandoned the consumer push and doubled down on its investment banking, trading and money management businesses. The bank’s shares are up about 180 percent over the past three years.
Waldron had been approached by private equity firm Apollo Global in 2024, but ultimately stayed at Goldman, which rewarded him with a seat on Goldman’s board and retention bonuses. These moves highlighted the idea that Waldron was Solomon’s intended successor.
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