James Waldron, the chief operating officer of Goldman Sachs, has long been seen as a potential successor to CEO David Solomon. However, it remains uncertain when he would take over.
A Wall Street Journal report Monday revealed that the investment bank had discussed a succession plan, citing people familiar with the matter.
“Of course the board regularly discusses succession, as we disclose in our filings, but there is no definitive timeline for succession at Goldman Sachs. Any assertions about timing are just speculation,” Tony Fratto, Goldman’s global head of communications, said in a statement.
Solomon had been expected by senior staff to remain in the role for 10 years, meaning he could stay in the position until 2028, according to a Reuters report citing people familiar with the matter.
Wells Fargo analyst Mike Mayo said Goldman Sachs’ succession has been “unusually telegraphed,” and Waldron’s ascension has been expected since last year, when he was awarded a retention bonus.
The Reuters report also said Waldron is unlikely to significantly change the bank’s strategy under Solomon.
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“They have been driving Goldman’s priorities together,” Mayo said.
The WSJ report also said any transition would still need to be ratified by Goldman’s full board, a step that could happen within months but that insiders cautioned is far from certain. Board members have been reluctant to delay a transition because of concerns that waiting longer could prompt Waldron to leave the firm.
Waldron has reportedly come close to leaving Goldman Sachs in the past. Goldman’s board learned in the latter part of 2024 that Waldron had engaged in serious talks with Apollo Global Management and several other firms that were actively seeking to recruit him.
To keep Waldron from leaving, the board offered him an $80 million retention package, disclosed in January 2025 and tied to a five-year commitment to the firm. Solomon received an identical bonus. Waldron was also added to Goldman’s board last year.
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Solomon was named CEO in October 2018. His tenure included a period of significant turbulence. His push to build out Goldman’s consumer-lending operation ended badly, resulting in pretax losses of around $7 billion from the start of 2020. Goldman is now in the final stages of exiting what remains of the unit.
Frequent reorganizations and partner departures also added to internal friction during that period.
Recently, Goldman renewed its focus on its core businesses of dealmaking, markets, and asset and wealth management. Goldman stock has more than quadrupled since Solomon became CEO in October 2018, compared with a roughly 67% gain for a broader index of bank stocks over the same period.
Waldron’s potential ascension to the helm would also raise questions about succession below him. The co-heads of Goldman’s global banking and markets division, Dan Dees and Ashok Varadhan, along with Marc Nachmann, the global head of asset and wealth management, are executives whose positions could shift.