Over 20 years ago, a young man with an English major background, who thought he would become a writer, was rejected by Goldman Sachs due to failing a financial modeling test. Now, he is poised to take over this top Wall Street investment bank. This is the story of John Waldron.
According to a report by The Wall Street Journal on September 29, the Goldman Sachs board has discussed the possibility of appointing John Waldron, currently serving as President and Chief Operating Officer, as the next Chief Executive Officer, replacing the current CEO, David Solomon, as early as next year.
At the age of 57, Waldron has long been seen as a strong candidate to become the next CEO of Goldman Sachs. After working closely with Solomon in the Goldman Sachs investment banking division for many years, he was promoted to President and Chief Operating Officer in 2018.
Waldron and Solomon have been committed to advancing the “One Goldman Sachs” strategy, which was introduced at the beginning of Solomon’s tenure. This strategy aims to motivate different business units within Goldman Sachs to refer business to each other, thereby increasing the overall company’s revenue.
According to regulatory filings, Waldron’s compensation in 2025 was $45 million, slightly lower than Solomon’s $47 million.
Goldman Sachs spokesman Tony Fratto stated that the board regularly discusses succession issues, but there is currently no definite timetable.
Waldron, a native of Cleveland, moved to the East Coast with his family at the age of 15 when his father took a job in Philadelphia. He attended Lawrenceville School in New Jersey, where he not only was a key player on the ice hockey and baseball teams but also wrote articles for the school newspaper.
He later pursued further studies at Middlebury College in Vermont, majoring in English and minoring in economics.
In a report by an alumni magazine, he mentioned during an event at Brigham Young University in 2023, “I was more of an ‘English major’ than finance back then. I thought I would become a writer.”
It wasn’t until he participated in a summer business program at the University of Chicago that Waldron decided to venture into finance and planned to work on Wall Street for a few years before transitioning into industries or non-financial service companies.
Waldron said, “I not only fell in love with the job, but more importantly, with the partners I worked with.”
After graduating from college, Waldron applied to Goldman Sachs and was rejected. The reason being he didn’t pass the financial modeling test. He later admitted in the Inside Blackstone podcast, “I didn’t have a solid foundation in math and accounting.” Eventually, he joined Bear Stearns, which was known for its leveraged finance business at the time.
Waldron mentioned that starting his career at a smaller company allowed him to take on more significant responsibilities and cultivate a stronger entrepreneurial spirit. He stated in a 2019 episode of Goldman Sachs’ podcast “Exchanges” that during his time at Bear Stearns, he began independently managing client relationships at a young age.
Waldron met Solomon at Bear Stearns. Recalling in the “Exchanges” podcast, Waldron mentioned that when Solomon joined Goldman Sachs in 1999, he said to him, “I think you’ll like it here.”
Waldron joined Goldman Sachs in 2000 and became a partner two years later. He held leadership positions in the leveraged finance department and the Financial Sponsors Group before being named Co-Head of the Investment Banking division in 2014.
Describing his relationship with Solomon, Waldron said, “Solomon has been a mentor in my career. We have different talents that complement each other in many ways. We argue behind closed doors, but when we come out, we present a unified front.”
According to The Wall Street Journal, in early 2025, the Goldman Sachs board learned that Waldron was negotiating with Apollo Global Management and other investment firms, which led to the announcement of an $80 million retention bonus offered to him.
In February 2025, Waldron officially joined the Goldman Sachs board, transitioning from an operations role to a formal member of the company’s governance.
From being rejected by Goldman Sachs to becoming the second in command, Waldron’s journey took 18 years.
Waldron’s core expertise lies in client relationships and deal-making. He has a wide network, maintains close relationships with numerous corporate leaders, and excels at connecting with individuals in the private and public sectors, as well as foreign government officials. In Goldman Sachs’ core investment banking business, this network itself is a valuable asset.
Waldron resides with his family in the Upper West Side of Manhattan. He talked about how he balances life and work: before attending business dinners, he goes home to have dinner with his children and tuck the youngest ones in bed.
“So, I have to eat two dinners. I have a peanut butter and jelly sandwich, and later on…I have steak tartare.” He said on the “Exchanges” podcast.
When asked about the most inspiring quote in the “Inside Blackstone” podcast, Waldron expressed his admiration for Eisenhower. “About leadership, I remember he said: ‘Leadership is getting people to do what you want them to do, and they want to do it themselves.’ I’ve spent a lot of time thinking about how to achieve this at work.”