Goldman's Solomon, Asked Twice On Succession: 'No Succession Transition Or Timeline Underway'
The CEO answered two analysts on the third-quarter call after press reports about his future, and said the board is focused on growth.
Goldman Sachs Chairman and CEO David Solomon said on the bank's third-quarter earnings call Tuesday that "there is no succession transition or timeline underway at Goldman Sachs." He gave the answer to two separate analysts who raised recent press reports about his future.
What Solomon said on the call
The first question came from an Evercore ISI analyst, who asked Solomon to address recent articles about an acceleration of a leadership change "to keep the record straight." Solomon replied that the articles "create noise" and that he is "really enjoying the job."
He said he and the board are "singularly focused" on the firm's strategy to grow and serve clients. He also pointed to the progress since the investor day strategy and the leadership team's excitement about the coming years.
Later, a Wells Fargo analyst asked about his plans to stay on as CEO, noting that nothing had come from Goldman itself. Solomon said the analyst may have missed his earlier answer, repeated it, and said the board and he are focused on growing the firm and its earnings and serving clients.
The report behind the question
A qz.com report published Tuesday said Goldman's board has discussed a plan under which Solomon would step down and President and COO John Waldron could take over as early as late 2027 or during 2028.
The same report quoted spokesman Tony Fratto as saying the board discusses succession as a matter of course, but no definitive timeline has been set. Goldman shares were up 0.72% to $900.43 in Tuesday trading, as of 12:05 p.m. ET.
The quarter behind the call
Solomon opened the call citing net revenues of $18.7 billion, the second highest in the firm's history, and earnings per share of $17.01. Return on equity was 18.7%. He said an accelerated charitable contribution weighed on the quarter, and that without it earnings per share would have been about $18.
On rates, Solomon said that at 64 years old, a 5% 10-year Treasury yield "doesn't scare me" as an operating environment.
The next test is whether Solomon repeats the no-timeline line in future appearances, and whether more reports on a leadership plan follow.
Sources
- Goldman Sachs Earnings Top Estimates as Equities Revenue Surges 72% — benzinga.com
- Goldman Sachs quarterly profit rises — Bloomberg
- Goldman Sachs Q3 2026 earnings beat Wall Street estimates — qz.com
- Goldman Sachs Crushes Q3 Estimates, but the Stock Still Trades Below Its Own Buyback Price — Yahoo Finance
- Bank earnings October 2026: Live updates — CNBC
