Key Stats for Goldman Sachs Stock
- Price change for Goldman Sachs stock in last 6 months: 8%
- $GS Stock Price as of Sep. 29: $916
- 52-Week High: $1154
- $GS Stock Price Target: $1127
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What Happened?
Goldman Sachs (NYSE: GS) may be preparing for a leadership change.
The bank’s board has discussed a plan to replace CEO David Solomon, 64, with president John Waldron, 57, as early as next year, The Wall Street Journal reported late Monday.
Under the plan, Solomon would become executive chairman. The board could vote on it in the coming months.
Goldman spokesman Tony Fratto said there is “no definitive timeline for succession” at the bank.
The timing is interesting because Goldman is on a roll.
In the first half of the year, it advised on more than $1 trillion in merger deals and generated over $12 billion in equities revenue.
In Q2 alone, it posted record revenue of $20.3 billion and record earnings per share of $20.98.
Since Solomon became CEO in 2018, Goldman shares are up more than 300%.
That’s the second-best performance against the KBW Bank Index, according to Wells Fargo analyst Mike Mayo. Only JPMorgan Chase under Jamie Dimon has done better.
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What the Market Is Telling Us About Goldman Sachs Stock
Mayo called this one of the “smoother and more deliberate” leadership handovers on Wall Street. For Goldman Sachs stock, a planned transition is usually much less risky than a surprise exit.
Still, there’s a catch.
Solomon may not be ready to step down. He is also chairman of the board, which gives him significant influence.
Retired law professor Charles Elson said that makes it hard to force him out.
On the other side, Waldron may not wait forever. He reportedly held talks with Apollo and Carlyle about leadership roles.
To keep him, Goldman gave him an $80 million retention package that runs through 2030.
For now, the business looks strong. Solomon said on the Q2 call that the AI build-out is still in its early stages.
Goldman’s investment banking backlog hit its highest level in five years.
The bank also raised its quarterly dividend to $5 per share, up 25% from a year ago, and bought back $4 billion of stock.
For Goldman Sachs stock, the key question is whether leadership changes hands smoothly or creates tension. Investors will be watching for any board vote in the coming months.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
