Goldman Sachs discusses CEO succession plan, COO John Waldron seen as next chief

Goldman Sachs is actively discussing succession planning at the highest level, with John Waldron, the bank's President and Chief Operating Officer, widely viewed as the leading candidate to eventually succeed David Solomon as chief executive.

According to reporting by The Wall Street Journal, cited by Reuters, Goldman Sachs has discussed a potential leadership transition plan under which Solomon could step down as CEO and be replaced by Waldron as early as next year. However, the bank has stated there is no definitive timeline for succession.

The development comes as investors across major global banks increasingly focus on leadership continuity and long-term succession planning.

Goldman says no timeline has been finalised

Responding to reports about a potential transition, Tony Fratto, Goldman Sachs' Global Head of Communications, said the board regularly discusses succession planning as part of its governance processes.

Fratto stated that no definitive timeline has been established and any claims regarding the timing of a leadership change remain speculative, according to Reuters.

Reuters also reported that Solomon, who became CEO in October 2018, has been expected by some senior staff members to remain in the role until 2028, completing a decade at the helm of the investment bank.

Waldron's position strengthens within Goldman

Waldron, 57, has long been viewed by industry observers and insiders as the most likely successor to Solomon.

His standing within the organisation strengthened further after his appointment to Goldman Sachs' board and the award of a retention bonus last year, Reuters reported.

Key details about Waldron's Goldman Sachs career include:

• Joined Goldman Sachs in 2000.
• Became Co-Head of Investment Banking in 2014.
• Has served as President and Chief Operating Officer since October 2018.
• Oversees leaders across the bank's major operating divisions.
• Was appointed to the board in 2025.

According to Reuters, Wells Fargo analyst Mike Mayo described Goldman Sachs' succession planning as "unusually telegraphed", noting that Waldron's eventual elevation has been anticipated since the retention package was awarded.

Strategic continuity likely under a new chief

Market analysts do not expect a significant shift in Goldman Sachs' strategic direction if Waldron eventually assumes the CEO position.

Reuters reported that Mayo believes Solomon and Waldron have jointly shaped the bank's priorities over recent years, making a major strategic overhaul unlikely.

Under Solomon's leadership, Goldman Sachs has focused on expanding its global banking and markets business alongside wealth and asset management operations. The bank also scaled back its consumer banking ambitions after earlier retail banking initiatives failed to deliver expected results.

The firm's core investment banking franchise remains a major growth engine. Reuters reported that Goldman Sachs exceeded second-quarter profit expectations as dealmaking activity improved and market volatility boosted equities trading revenue.

Board discussions remain subject to approval

According to The Wall Street Journal report cited by Reuters, discussions have included a scenario where Waldron takes over around late 2027 or 2028.

The report also indicated Solomon could remain Executive Chairman for one to two years after stepping down as CEO.

Any leadership transition proposal would require approval from Goldman Sachs' board and the timing could still change as discussions continue.