Goldman Sachs is actively discussing succession plans to replace CEO David Solomon, 64, with current president John Waldron, 57, potentially as early as next year. The transition would promote Solomon to executive chairman, a move the board might vote on soon. Goldman is currently leading Wall Street, advising on over $1 trillion in merger deals and posting more than $12 billion in equities revenue in the first half of 2026, underscoring the significance of this potential leadership change.

The succession plan aims to be a smooth and orderly handover, according to analysts, but there are challenges. Solomon has played a crucial role in refocusing Goldman after earlier missteps and steering it to strong performance amid a rebound in deals and the AI boom. Despite his 64 years, some experts argue Solomon may be reluctant to relinquish control given his continued success and influence as chairman of the board, complicating any transition.

There is also uncertainty about Waldron’s willingness to wait for Solomon to step down. Waldron, serving as president and COO, received an $80 million retention package through 2030 to hold him at Goldman amid external interest from firms like Apollo and Carlyle. However, if Solomon chooses to stay, Waldron may grow impatient, potentially leading to tensions within the firm’s leadership ranks.

Industry experts caution that succession at a major bank like Goldman is inherently difficult, especially with a high-performing CEO like Solomon who has driven a more than 300% share price increase since 2018. Solomon’s continued influence and the lucrative retention deal for Waldron highlight the delicate balance between honoring current leadership and facilitating a future transition that aligns with both executives' ambitions and the firm’s long-term success.