Goldman Sachs Taps Waldron to Replace Solomon: Timeline Emerges

Goldman Sachs' board is reportedly considering a plan to have CEO David Solomon step down by the end of 2027 or 2028. According to unnamed sources, this would bring an end to Solomon's eight-year tenure as CEO, during which the bank's stock has quadrupled.

Solomon has been under pressure in the past, particularly in 2023 when Goldman reported its lowest quarterly profits in three years amidst a dealmaking slump and reports of partner unrest. However, he has since presided over a heyday for Goldman's core Wall Street machine, with AI-driven capital raising and an unusually active market accelerating growth.

John Waldron, the bank's president and COO, is seen as Solomon's likely successor. Waldron, who joined Goldman in 2017, received a $80 million retention bonus from the board last year alongside Solomon, citing the goal to maintain 'a strong succession plan for the future of the firm.'

Goldman's stock has risen slightly in after-market trading following the report, and is up over 4% for the year.