Goldman Sachs prepares to promote COO John Waldron to CEO next year

Goldman Sachs is quietly arranging a leadership transition that would elevate COO John Waldron to chief executive, replacing David Solomon, who would move to an executive chairman role for up to two years. The timeline remains flexible, but board approval could come within months. Waldron, who has been president and COO since 2018, was recently offered a large retention package and a board seat to deter offers from Apollo Global Management and Carlyle.

Solomon, after a turbulent decade that included a costly consumer-banking venture, has refocused the firm on its core Wall Street businesses, driving the stock to record levels. Finance chief Denis Coleman is already assuming some of Waldron’s operational duties, including oversight of a new AI productivity project called “OneGS 3.0.” The promotion will also open the presidency, with candidates such as Marc Nachmann, Ashok Varadhan and Dan Dees under consideration.