LOS ANGELES, California, September 29, 2026 — For most of 2026, Goldman Sachs has sent signals that John Waldron, its president and chief operating officer, is leading in the race to one day succeed CEO David Solomon. Waldron has served as COO since October 2018 and runs the bank’s core divisions. This year, the board of the bank is taking visible steps to formalize succession around him.
THE $80M RETENTION PACKAGE DOES NOT STOP AT 5 YEARS
Earlier this year, Goldman gave Waldron an $80 million retention bonus in restricted stock that he can only cash in if he stays with the firm for five years. The award puts him in the company of a few other top Wall Street executives who have received retention packages of similar value. Waldron also will join the bank’s carried interest program, which distributes profits from its private equity funds.
The bank’s 2026 proxy statement filed with securities regulators shows Solomon was granted a similar retention award around the same time. The pairing of the awards has been described by analysts as proof that the board is actively trying to ensure continuity in leadership. The moves indicate that solid corporate governance strategies are in play to manage the leadership pipeline.
Waldron’s Path to the Top Job
Waldron started at Goldman Sachs in 2000, became co-head of investment banking in 2014 and took his current role shortly thereafter. While the timeline of Solomon’s departure has not been confirmed, Waldron has long been viewed as a likely successor. Solomon, now 63 years old, has not publicly signaled when he intends to step down.
Goldman’s history is littered with quasi-heirs who never made it to the top job — a trend executives at the bank acknowledge openly. Gary Cohn, who led Goldman as president before leaving without serving as CEO, held a similar role. That history has made some observers shy away from presuming Waldron’s route is set in stone.
Other Executives in the Conversation
Goldman executive Marc Nachmann, who heads the bank’s asset and wealth management division, has also reportedly been floated as an alternative. Among those names, prediction markets tracking the succession question have shown Waldron as the clear leader. Even so, there are significant doubts present in those markets about timing and the ultimate outcome.
Outside of his role at the bank, Waldron was appointed to chair the International Advisory Board of the Atlantic Council think tank. The appointment put him alongside former national security advisers and current politicians who once held the position. The external visibility is yet another boon for his profile, cementing him in observers’ minds as Goldman’s most powerful internal leader after Solomon himself.
What is Next for Goldman’s Leadership
Goldman’s board has stressed this year that executive succession planning is a key part of its wider review of the firm’s leadership pipeline. The review spanned external and internal views of business unit leadership transitions in addition to the CEO position itself. The bank did not give a public timeline for when any transition might take place.
Waldron is currently running day-to-day operations across Goldman’s biggest businesses as the succession question plays out. Analysts say the retention packages give the bank more time and help delay an immediate decision. Whether Waldron actually ends up as CEO will depend on decisions the board has not yet announced.
Compensation consultants observe that large retention packages like Waldron’s are increasingly used by big banks grappling with succession questions. This year, Citizens Financial Group, KeyCorp and others have taken similar actions to secure potential future leaders. The trend has been criticized by some investors because payouts aren’t always linked directly to performance metrics.
Goldman said its pay policies were justified because competition for star banking talent remained strong. Losing Waldron would create a disruption the bank clearly prefers to avoid completely. The retention structure rewards patience and gives Waldron ample financial incentive to remain at Goldman as long as it takes before a formal transition occurs.
Shareholders will likely keep an eye out for further details on succession timing in future filings with the Securities and Exchange Commission. Speculation regarding the precise timing of a formal announcement is likely to continue across financial markets until Goldman makes an official release. The lender’s next quarterly disclosures could provide more insight into how leadership planning is shaping up behind the scenes.
