CEO Frontrunner Failed Entry Exam 30 Years Ago

John Waldron, currently Goldman Sachs's president and COO, is positioned to become the company's next CEO. This potential succession comes decades after he initially failed the firm's entry exam. After graduating, Waldron applied to Goldman Sachs but did not perform well on the financial modeling test, leading him to an initial role at Bear Stearns, where he befriended David Solomon, the current CEO. He joined Goldman Sachs in 2000.

Waldron advanced within the investment banking services division, becoming president and COO in 2018. He and CEO David Solomon received significant pay packages approved by the board in 2025. Sources suggest Waldron could assume the CEO role in 2027 or 2028, with Solomon potentially moving to an executive chair position. A Goldman Sachs spokesperson stated that succession planning is a regular board discussion, but timelines are speculative.

Interestingly, Waldron lacks formal finance education, holding a BA in English from Middlebury College. He initially pursued writing but later found interest in finance during a business program at the University of Chicago. He has been a strong proponent of integrating artificial intelligence into Goldman Sachs's operations, spearheading the 'OneGS 3.0' initiative. This program aims to increase operational speed and agility, though it also involves workforce adjustments. Waldron foresees AI agents significantly reshaping banking workflows.