Goldman Sachs Profit Rises as CEO Rules Out Leadership Change
Published By Regional Desk
United States-based Goldman Sachs reported higher third-quarter profit on Tuesday, with Chief Executive David Solomon saying there are no plans for a leadership transition.
Profit and Revenue Growth
Profit for the July‑September period reached $5.1 billion, which is 33 percent above the year‑ago level but 20 percent below the second‑quarter figure when business conditions were especially robust.
Revenue climbed 23 percent to $18.7 billion.
Markets and Investment Banking Performance
Like rival JPMorgan Chase, which reported earlier on Tuesday, Goldman saw muted activity in certain parts of its markets business, notably fixed income, currency and commodities, where revenues were described as “essentially unchanged” in a press release.
Conversely, net revenue from equities trading surged 72 percent compared with the year‑ago period.
The bank also recorded higher investment‑banking fees, attributing the increase to a rise in completed mergers and a heightened level of initial public and secondary equity offerings.
Leadership Outlook and Share Reaction
The Wall Street Journal reported on September 28 that Goldman’s board had discussed a plan for Solomon to step down as chief executive and be succeeded by Chief Operating Officer John Waldron around the end of 2027 or in 2028.
A Goldman spokesman responded that there is no timetable for a transition.
On Tuesday Solomon said he was “super pleased” with the firm’s progress and added, “I’m really enjoying the job, but more importantly, as a team, we’re super excited about what’s in front of us in the coming years and how we can continue to grow the franchise and really accelerate the earnings potential of the firm.”
He further stressed, “I just want to be clear: there is no succession transition or timeline underway at Goldman Sachs.”
Solomon concluded, “The board and I are singularly focused on our strategy to grow the firm and continue to serve our clients with excellence.”
Goldman Sachs shares rose 0.2 percent in early afternoon trading.
