Goldman Sachs plans possible successor: John Waldron could replace David Solomon as CEO

New York. In the USA, the head of the major bank Goldman Sachs, David Solomon, could be about to be replaced. According to a report in the US newspaper "Wall Street Journal", the board of directors of the financial institution is discussing the plan to appoint 57-year-old John Waldron as boss next year. Waldron is currently Chief Operating Officer (COO) and President at Goldman Sachs.

The move could take place late next year or in 2028, according to the WSJ report, which cited people familiar with the matter. Accordingly, the 64-year-old Solomon would take on the role of Executive Chairman for one to two years after his resignation. The Goldman banker has been at the helm of the company for almost eight years.

The bank did not want to comment in detail about the personnel change. "Of course, the board of directors regularly discusses succession, as we disclose in our documents. But there is no fixed timetable for succession at Goldman Sachs," said Goldman press director Tony Fratto when asked by Handelsblatt. “Any claims regarding timing are pure speculation.”

Waldron, who began his career at Goldman Sachs more than 25 years ago in 2000 - just a year after Solomon - had long been considered a possible successor to Solomon. Like Solomon, he also started his career as a banker at the investment bank Bear Stearns. When Solomon was named head of the bank in 2018, Waldron was given the post of chief operating officer and president.

As early as 2024, there was speculation that Waldron could strive for the top spot at the traditional company. At that time, according to media reports, the banker was in talks with the private equity house Carlyle, which was looking for a new boss at the time. When he informed Goldman Sachs about the talks and was assured, according to the WSJ, that he had a good chance of becoming Goldman's next boss, he withdrew his application to Carlyle.

Waldron, who grew up in Cleveland, Ohio, moved to Philadelphia when he was 15 and studied English and economics at Middlebury College. At a 2023 event, Waldron said he thought he would become a writer. But a summer course in economics fundamentally changed his perspective.

Most recently, Goldman posted record second-quarter results, driven by a strong year of mergers and acquisitions, IPOs and market turmoil that benefited its trading business. Sales rose 39 percent year-on-year to $20.3 billion. The company achieved a record value of $7.4 billion in stock trading.

In the USA, other large financial institutions also reported record figures this year - and possible changes at the top are also imminent at other financial institutions.

It is currently unclear when the head of the world's largest bank, JP Morgan, will step down from his position. Jamie Dimon has headed the institute since 2006. Bankers Doug Petno and Troy Rohrbaugh, who were named co-presidents in June, are considered possible successors.

And Brian Moynihan, head of the second largest financial institution in the USA, Bank of America, has also been at the helm of the institute for over 16 years. Last fall, Dean Athanasia and Jim DeMare were named co-presidents. Both are considered possible successors.