Goldman Sachs is reportedly considering a leadership transition that would see Chief Operating Officer and President John Waldron succeed David Solomon as chief executive officer as early as late 2027 or 2028. The discussions, which involve board members and senior executives, envision Solomon stepping down from the CEO role while remaining executive chairman of the board for one to two years following the transition.

The plan, which has not yet been finalized or formally approved by Goldman’s board, reflects a strategic effort to ensure a smooth succession at the top of the firm. A spokesman for Goldman Sachs later confirmed that succession planning is a regular board topic but refrained from specifying any timeline.

Solomon, 64, has led Goldman for nearly a decade, overseeing significant shifts in the bank’s strategy. His tenure includes a period marked by setbacks, particularly in the consumer lending business that expanded aggressively under his direction before the firm decided to exit that sector after sustaining pretax losses estimated at around $7 billion since 2020. Despite these challenges, the bank has recently seen renewed strength in its core Wall Street operations and its stock price has neared record highs.

Waldron, 57, widely regarded as a key dealmaker with strong client relationships across corporate, public, and international sectors, has been considered the heir apparent for years. His deep ties to major clients and skill in navigating complex financial and governmental networks are seen as valuable assets. He was added to Goldman’s board last year and received an $80 million retention bonus in early 2025, part of efforts to secure his continued leadership amid interest from other investment firms, including Apollo Global Management.

The prospect of Waldron’s promotion raises questions about the future of the president role, which may affect retention of other senior executives. Key figures such as Dan Dees and Ashok Varadhan, co-heads of global banking and markets, as well as Marc Nachmann, head of asset and wealth management, are reportedly in focus as the board weighs the potential impact on top talent within Goldman.

Waldron had considered opportunities outside Goldman previously but remained after the firm signaled Solomon’s intention to stay for several more years. However, ongoing board concerns about retaining leadership talent appear to be driving a more definitive succession timeline.

If approved, this transition would mark the end of Solomon’s leadership era, positioning Waldron to steer Goldman Sachs as it continues to navigate evolving market conditions and competitive pressures ahead.