- September 30, 2026
Goldman Sachs CEO Succession: John Waldron Was Once Rejected By The Bank. Now He May Take Over In 2027
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The 57-year-old, who is currently president of Goldman Sachs, was once rejected by the same investment banking giant when he applied for a job straight out of college.
Goldman Sachs’ board has reportedly discussed a succession plan under which John Waldron could replace David Solomon as chief executive officer (CEO) as early as late 2027.
Goldman Sachs CEO Succession: Goldman Sachs President John Waldron, who failed the bank’s financial modelling test when he first applied for a job, is emerging as the likely successor to CEO David Solomon, with the board discussing a possible transition as early as late 2027.
John Waldron’s journey to the top of Goldman Sachs is a story of how an early career setback can turn into a remarkable Wall Street career.
The 57-year-old, who is currently president of Goldman Sachs, was once rejected by the same investment banking giant when he applied for a job straight out of college. Nearly four decades later, he is poised to take charge of one of the world’s most influential financial institutions.
According to a report by The Wall Street Journal (WSJ), Goldman Sachs’ board has discussed a succession plan under which Waldron could replace David Solomon as chief executive officer (CEO) as early as late 2027.
Although Waldron has long been considered a leading contender for the top job, the bank has not announced a definitive timeline for the leadership transition.
A Goldman Sachs spokesman, Tony Fratto, told the WSJ that the board regularly discusses succession planning but has not settled on a specific timetable.
John Waldron’s Goldman Sachs Rejection
Waldron’s career in finance did not begin with Goldman Sachs, despite his eventual rise through the bank’s senior leadership ranks. A graduate of Middlebury College in Vermont, Waldron majored in English and minored in economics. He initially wanted to become a writer rather than pursue a career in investment banking.
Speaking at a Brigham Young University event in 2023, Waldron described himself as more interested in English than finance, according to an alumni magazine cited by the WSJ.
His interest in finance developed after he attended a summer business programme at the University of Chicago. He subsequently decided to try Wall Street, initially expecting to work in finance for a few years before moving into an industrial or non-financial services business.
However, Goldman Sachs rejected his application after he failed to perform well in its financial modelling test.
“I didn’t do well in the financial modeling test,” Waldron said on the Inside Blackstone podcast, as quoted by the WSJ. He instead joined Bear Stearns, where he said he gained early exposure to client relationships and greater professional responsibility.
Waldron has previously explained that working at a smaller investment bank allowed him to take on significant responsibilities at a relatively young age and develop an entrepreneurial approach.
How John Waldron Joined Goldman Sachs And Rose Through The Ranks
Waldron’s time at Bear Stearns proved to be an important turning point in his career, as it was also where he first worked with David Solomon. When Solomon moved to Goldman Sachs in 1999, he encouraged Waldron to consider joining the firm.
Recalling the conversation on Goldman Sachs’ Exchanges podcast in 2019, Waldron said Solomon told him, “I think you’d like coming here.”
Waldron joined Goldman Sachs in 2000 and became a partner just two years later. He subsequently held several leadership positions, including roles in leveraged finance and the financial sponsors group, before being appointed co-head of Goldman Sachs’ investment banking division in 2014.
His close professional association with Solomon continued over the years. In 2018, following Solomon’s elevation to CEO, Waldron was appointed president and chief operating officer of Goldman Sachs.
The position placed him among the bank’s most senior executives and strengthened his standing as a potential successor to Solomon.
$80 Million Retention Bonus
Waldron’s importance to Goldman Sachs was also reflected in the bank’s compensation decisions. According to the WSJ, Goldman Sachs’ board approved an $80 million retention bonus for Waldron early last year after learning that he was in discussions with Apollo Global Management and other investment firms.
He was also subsequently appointed to the bank’s board. Waldron received total compensation of $45 million in 2025, according to Goldman Sachs’ proxy filings cited by the WSJ. This was slightly below Solomon’s compensation of $47 million for the same year.
The figures underline Waldron’s position within the bank’s leadership as Goldman Sachs considers its longer-term succession arrangements.
One Goldman Sachs Strategy And Waldron’s Role
Waldron and Solomon have jointly prioritised the bank’s “One Goldman Sachs” strategy, introduced at the beginning of Solomon’s tenure as CEO. The strategy is designed to encourage Goldman Sachs’ different business divisions to work more closely together and refer clients and business opportunities across units, rather than operating independently.
According to the WSJ, the initiative has contributed to higher revenue across the firm.
Waldron’s experience in investment banking, client relationships and coordinating business operations across divisions is central to his leadership profile as the bank prepares for a potential change at the top.
However, the succession discussions do not amount to a formal appointment, and Goldman Sachs has yet to confirm when Solomon might step down or when Waldron could assume the CEO role.
From An English Major To A Wall Street Leader
Beyond his professional achievements, Waldron’s early interests and personal approach have offered a glimpse into his leadership style.
A native of Cleveland, Ohio, Waldron moved to the East Coast at the age of 15 after his father took a job in Philadelphia. He attended the Lawrenceville School in New Jersey, where he played varsity ice hockey and baseball and wrote for the student newspaper.
He later graduated from Middlebury College with a degree in English and a minor in economics.
Despite his demanding role, Waldron has previously spoken about maintaining a balance between his professional and family responsibilities.
On the Exchanges podcast, he described returning home to have dinner with his children and put his younger children to bed before heading out for a client dinner.
He joked that this often meant having two dinners in one evening, first eating a peanut butter and jelly sandwich at home and later having steak tartare at a client engagement.
Waldron has also cited former US President Dwight D. Eisenhower as a leadership influence. On the Inside Blackstone podcast, he referred to Eisenhower’s idea of leadership as getting someone to do something because they want to do it.
He said that figuring out how to achieve this was a significant part of his job. For Goldman Sachs, Waldron’s possible elevation would mark the next chapter in a career that began with a rejection from the very institution he may eventually lead.
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Ask News18Goldman Sachs’ board has discussed a potential leadership transition where John Waldron could replace David Solomon as chief executive officer as early as late 2027 or next year.
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