Goldman Sachs has discussed a plan for John Waldron to become its next chief executive, according to reporting first disclosed by the Wall Street Journal. The move could happen as soon as next year, but the board still has to approve the appointment.
Waldron is currently Goldman Sachs' president and chief operating officer. He has spent 26 years climbing the ranks at the firm, and he has also held senior roles including co-head of leveraged finance, global co-head of the financial sponsors group, global head of investment banking services, and co-head of the investment banking division in 2014.
The bank has not formally confirmed the succession plan. Goldman spokesperson Tony Fratto said in an emailed statement that the board regularly discusses succession planning and that there is 'no definitive timeline,' adding that 'any assertions about timing are just speculation.'
Mike Mayo, who leads large-cap bank research at Wells Fargo, said Waldron gives off the appearance of an English literature professor from the Midwest. Mayo also called him 'one of the most non-Wall Street people' he has met, even while he heads 'the epitome of a Wall Street firm.' Mayo said Waldron is, in some ways, the 'anti-David Solomon.'
The transition appears to have been telegraphed for some time. In January 2025, the board announced that Waldron would receive an $80 million retention bonus to stay with the bank for five more years. That followed reports that Waldron had held serious discussions with Apollo Global Management and Carlyle for leadership roles.
Waldron has also been involved in Goldman Sachs' artificial intelligence efforts. In the firm's 2026 proxy statement, Goldman credited him with overseeing its AI initiatives, including internal AI assistants and coding tools designed to handle repetitive tasks. Waldron told CNBC earlier this year that Goldman is becoming 'much more resilient and much more scalable' as its human assembly lines become more digitized.
The board discussion also raises questions about the rest of Goldman's top ranks. If several executives are passed over, the firm could face pressure inside the C-suite. That includes CFO Denis Coleman, Marc Nachmann, Ashok Varadhan and Dan Dees.
Solomon is reportedly expected to remain as executive chairman. Governance experts say that can be useful for external relations and training a new CEO, but only if the arrangement is handled cleanly.
For investors, this is what succession planning looks like at a major financial institution: continuity, leverage and a paper trail. Capital rewards clear rules, and the market has already begun pricing the difference between an orderly handoff and internal drift.
