27 years ago, Goldman Sachs rejected him; now he will take the helm of Goldman Sachs?

A young man with an English major, rejected by Goldman Sachs for failing a financial modeling test, found himself on the verge of taking the helm of this top Wall Street investment bank 27 years later. This is the story of John Waldron, and the prelude to the next chapter of Goldman Sachs.

According to reports from multiple overseas media outlets, including The Wall Street Journal, Goldman Sachs' board of directors has begun discussions on succession planning. Current President and Chief Operating Officer John Waldron could succeed David Solomon as CEO as early as the end of 2027, at which point Solomon may become Executive Chairman. If this plan comes to fruition, it will be one of the most dramatic career turnaround stories on Wall Street in recent years: the liberal arts graduate once rejected by Goldman Sachs for "not being good enough at math" will determine the company's trajectory for the next decade.

From Rejected to Successor: A Starkly Contrasting Career Path

Public records show that Waldron is 57 years old this year. He grew up in Cleveland and moved to Philadelphia with his father at the age of 15. He attended Lawrenceville School, a private school in New Jersey, where he played on the hockey and baseball teams and wrote for the school newspaper. He then went on to Middlebury College in Vermont, majoring in English and minoring in economics.

“I’m more of an English major than a finance major,” Waldron said at a Brigham Young University event in 2023. “I thought I was going to be a writer.” What changed his life was a summer business course at the University of Chicago—which led him to Wall Street, where he initially planned to stay for only a few years before switching careers. “But I fell in love with the job, and more importantly, with the people I worked with.”

After graduation, Waldron applied to Goldman Sachs but was rejected. The reason was simple: he failed the financial modeling test. He later admitted on Blackstone's podcast "Inside Blackstone," "I didn't have a solid enough foundation in math and accounting." Ultimately, he joined Bear Stearns, which at the time was known for its leveraged financing business and had a more entrepreneurial style.

There, a second-year analyst mentor taught him step-by-step how to build a financial model—"because when I went in, I had absolutely no idea how to balance a balance sheet."

From Bear Stearns to Goldman Sachs: A Single Sentence by David Solomon

Waldron's relationship with David Soothill is key to understanding his career path. The two met at Bear Stearns, and Soothill joined Goldman Sachs before Waldron. In 1999, Soothill told Waldron, "I think you'll like it here."

In a 2019 podcast, "Exchanges at Goldman Sachs," Waldron recalled that this statement ultimately prompted his decision to switch jobs in 2000. He joined Goldman Sachs and was quickly promoted to partner, within just two years. He then gained experience in leveraged finance and financial sponsorship, serving as co-head globally from 2007 to 2009. In 2009, he became global head of investment banking services and client coverage, and in 2014, he was promoted to co-head of investment banking.

Waldron described the partnership directly: "Shu Dewei was my mentor in my career. We have different talents and complement each other in many ways. We might argue behind closed doors, but when we come out, we show a unified direction."

In October 2018, David Solomon became CEO, and Waldron was subsequently appointed President and Chief Operating Officer, officially entering the top management. From being rejected by Goldman Sachs to becoming the number two person at Goldman Sachs, it took Waldron a full 18 years.

Someone tried to poach him, but Goldman Sachs offered him $80 million to retain him.

Around 2024, this "perfect partnership" within Goldman Sachs almost came to a head.

According to Reuters and the Wall Street Journal, alternative asset management firms such as Apollo began contacting Waldron to negotiate a potential position. When this reached the Goldman Sachs board, Goldman Sachs acted swiftly, granting Waldron approximately $80 million in restricted stock as a retention incentive.

Shortly thereafter, in February 2025, Waldron officially joined Goldman Sachs' board of directors, rising from head of operations to a full member of the corporate governance team. In 2025, Waldron's compensation was $45 million, slightly less than David Soothill's $47 million. The gap is narrowing.

This series of moves is rare on Wall Street, and its intensity demonstrates Goldman Sachs' high regard for this successor. From an external perspective, Waldren's appeal is obvious: over 25 years of investment banking and operations management experience, deep integration into Goldman Sachs' global client network, and extensive experience in cross-business line coordination during the rapid expansion of asset and wealth management.

A COO's Daily Routine: Operations, Risks, and Breaking Down Barriers

Waldron's background in investment banking client relations profoundly shaped his management style. He and David Soothill participate in approximately 1,000 client meetings annually, maintaining frequent contact with top global CEOs and founders. He considers this trust a core professional asset: "In a world where information spreads extremely quickly and is highly transparent, the ability to convince people you can keep secrets is crucial."

Before entering the CEO's office, Waldron distinguished between the titles of President and COO.

"I put COO before President," he said on an internal Goldman Sachs podcast. "The title of President resonates more externally and is useful when meeting with governments, regulators, and clients, but internally, people care more about whether you are actually doing the work of a COO." His daily routine revolves around driving execution across business lines, streamlining cross-departmental collaboration, and assisting in managing company-wide risk—he currently also serves as co-chair of Goldman Sachs' corporate risk committee.

One of the most important internal issues was the "One Goldman Sachs" strategy, which he and David Soothill jointly spearheaded in 2018. The core logic of this strategy was to break down internal barriers and incentivize different business lines to share customers and business, serving customers as a unified whole. "Organizational structure is hindering the development of our company culture," Waldron said, discussing the origins of this strategy. "We have a collaborative culture, but we need to unleash it."

According to The Wall Street Journal, the continued implementation of the "One Goldman Sachs" strategy has driven overall revenue growth for the company. A leadership maxim from Eisenhower has always been a constant in Waldron's management style: "Leadership is getting people to do what you want them to do because they want to do it themselves."

What Kind of Goldman Sachs to Take Over: AI Transformation and Strategic Refocus

If Waldron ultimately becomes the next CEO of Goldman Sachs, he will take over a company that is in the midst of a strategic refocusing cycle.

In terms of business structure, Goldman Sachs currently derives approximately 75% of its revenue from global banking and markets, and 25% from asset and wealth management. Waldron has stated on multiple occasions that ultra-high-net-worth wealth management still has significant room for growth. In the Inside Blackstone podcast, he mentioned that total U.S. household wealth is currently around $80 trillion, nearly 10 times household income, which presents both opportunities and societal challenges.

Regarding AI transformation, Waldron clearly stated that 2026 will be a "learning year" for Goldman Sachs—testing models, evaluating results, and judging the return on investment.

"By 2027, you will begin to see a real release of productivity," he said. He himself has already experienced the time savings brought by AI in the preparation phase, but also admitted that his concern about the cybersecurity risks of AI is no less than its technological potential. Goldman Sachs has also been deeply involved in providing financial structure design for the $500 billion computing power consortium led by Nvidia, exploring computing resource financing models similar to auto loans or mortgage-backed securitization.

When asked about recruiting and developing talent in the AI era, Waldron's answer was quite personal: "I'm encouraging students majoring in English, history, and philosophy." He said that the core competencies Goldman Sachs needs—analytical thinking, intellectual curiosity, and effective communication—are being repositioned at the center of recruitment standards by AI. He himself is the best example of this logic: the English student who failed the financial modeling test years ago is now considering how Goldman Sachs will deploy artificial intelligence in the next phase.

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