{"text":[[{"start":8.747,"text":"Goldman Sachs said there was “no definitive timeline” for chief executive David Solomon to step down following a report that his deputy John Waldron could succeed him as early as next year."}],[{"start":19.755,"text":"The Wall Street Journal reported on Monday that Goldman’s board had discussed Waldron taking over towards the end of 2027 or in 2028. The newspaper also said that Solomon could become executive chair for a year or two after that."}],[{"start":36.08,"text":"Goldman spokesperson Tony Fratto said: “Of course the board regularly discusses succession, as we disclose in our filings, but there is no definitive timeline for succession at Goldman Sachs. Any assertions about timing are just speculation.”"}],[{"start":47.2,"text":"Waldron, Goldman’s president and chief operating officer, is widely seen as the heir apparent to Solomon, who has run the investment bank since 2018 when he replaced Lloyd Blankfein."}],[{"start":59.764,"text":"Both Solomon and Waldron were granted five-year retention bonuses, worth $80mn apiece, at the start of 2025. Solomon does not need to remain as chief executive during that time to earn the payout."}],[{"start":73.031,"text":"Wells Fargo analyst Mike Mayo said in a note that Waldron was “close to David Solomon, already carries broad responsibilities, received a major retention award, sits on the board and is well known internally and externally. The bigger question is what happens to other senior executives who are passed over for president or COO.”"}],[{"start":92.72,"text":"Waldron has known Solomon since the early 1990s when he started his Wall Street career at Bear Stearns. Solomon later recruited Waldron to Goldman in 2000 and the two have risen in tandem. Solomon appointed Waldron as president when he became chief executive eight years ago."}],[{"start":108.16,"text":"The first half of Solomon’s tenure running Goldman was blighted by a lossmaking expansion in retail banking — a Main Street push that was at odds with the investment bank’s Wall Street pedigree."}],[{"start":118.999,"text":"After billions of dollars in losses, Solomon largely exited the consumer push and has doubled down on investment banking, trading and money management. The bank’s stock is up about 180 per cent in the past three years."}],[{"start":132.171,"text":"Waldron had been approached by private capital firm Apollo Global in 2024 but ultimately stayed at Goldman, which rewarded him with a seat on Goldman’s board and retention bonuses. These moves have highlighted the view that Waldron was Solomon’s planned successor."}],[{"start":154.24,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1790660609_4636.mp3"}