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Recent moves by Goldman Sachs Chairman and CEO David Solomon to tighten his grip on the Wall Street bank could complicate the calculations for those hoping to succeed him, according to a media report on Friday.
Solomon survived a treacherous period in the last year, when he found himself under pressure as his bold move into consumer credit failed. Last year, Goldman he retired from the businessracking up hundreds of millions of dollars in write-downs.
In recent months he has reaffirmed his control over the company, taking a more active role in the day-to-day management of the company, Wall Street Journal he reported, citing people familiar with the matter. Additionally, Solomon reportedly told Goldman executives that he intends to stay for a while.
Goldman President and Chief Operating Officer John Waldron, who is 54, has long been considered the favorite of Solomon, who is 62. However, the competition to lead the company has opened up, they told the WSJ. Some, though, say Waldron is still the loser.
Specifically, the article referenced an operations committee formed in December 2023, led by Solomon. This replaces a similar group that Waldron had managed. Waldron is part of the new committee and plays a key role, the WSJ She said.
Last week, Goldman (NYSE:GS) has reorganized its management committee and created two new groups to oversee investment banking and markets, the WSJ reported.
With the retirement of Jim Esposito, who was co-head of Global Banking & Markets, Marc Nachmann, head of Asset & Wealth Management, and Dan Dees and Ashok Varadhan, co-heads of Global Banking & Markets, are also considered to be in la race to go up.