Goldman Sachs’ succession race heats up: Who will succeed David Solomon?

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO. 

Ashok Varadhan, 52

Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

Marc Nachmann, 54

Nachmann is reportedly one of Solomon’s top allies and most trusted fixers at Goldman Sachs. Since joining the bank in 1994, he has held key leadership roles across investment banking, global markets, and asset and wealth management, becoming a partner in 2004. His career trajectory includes serving as co-head of global natural resources, head of Latin America, head of the global financing group, co-head of investment banking, and global co-head of global markets before being named global head of asset and wealth management in 2022.

Nachmann also wields considerable influence within Goldman’s internal governance. He is a member of the management committee and firmwide risk council and serves as co-chair of the firmwide investment policy committee.  

Despite his investment banking experience, Nachmann is best known for his no-nonsense management style and cost-cutting expertise rather than his trading acumen. A Goldman banker once described him as “less a client guy and more a structural fixer.” 

However, Nachmann’s leadership has faced controversy. In March 2023, several women at Goldman accused him of undermining their careers, questioning their leadership abilities, and dismissing them as lacking substance in discussions with senior executives. Nachmann denied the allegations, but the claims emerged during a period of high-profile resignations at the firm.

Dan Dees, 54

Dees joined Goldman in 1992, quickly building relationships with top decision-makers and playing a key role in the bank’s 1999 IPO. He was instrumental in helping Solomon expand the bank’s financing business during the CEO’s early years at the firm. In 2022, Dees became co-head of global banking and markets, and he serves on Goldman’s management committee and as chair of the firmwide client franchise committee.

A partner since 2004, Dees spent time in Hong Kong and Tokyo, leading the region's financing group and later investment banking before returning to the U.S. in 2014 as global head of technology, media, and telecom banking. Through Dees, Goldman cultivated deep ties to Silicon Valley, cementing its position as a top Wall Street advisor to the tech sector.

In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO. 

Ashok Varadhan, 52

Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

In 2014, Waldron became co-head of investment banking alongside Solomon. When Solomon succeeded Lloyd Blankfein as CEO in 2018, Waldron was appointed COO and president—a position that has historically paved the way for Goldman’s top job. Recognized internally as a problem solver, Waldron has played a pivotal role in bridging Goldman’s investment, trading, and wealth management divisions. He has also been a leading advocate for expanding the firm’s asset and wealth management business. Colleagues told the Financial Times he’s been key to retaining senior talent and maintaining relationships with Goldman’s biggest clients.

A father of six with a fondness for peanut butter sandwiches, Waldron is well-regarded within Goldman and is admired for his work ethic and communication skills. However, some critics see him as too consensus-driven to make tough calls. He is also tied to several of the bank’s recent setbacks, including major job cuts in 2023, a failed retail banking expansion, and the $3.9 billion 1MDB corruption scandal. While neither he nor Solomon were directly involved, both saw their pay reduced in 2021 for "institutional failure."

Marc Nachmann, 54

Nachmann is reportedly one of Solomon’s top allies and most trusted fixers at Goldman Sachs. Since joining the bank in 1994, he has held key leadership roles across investment banking, global markets, and asset and wealth management, becoming a partner in 2004. His career trajectory includes serving as co-head of global natural resources, head of Latin America, head of the global financing group, co-head of investment banking, and global co-head of global markets before being named global head of asset and wealth management in 2022.

Nachmann also wields considerable influence within Goldman’s internal governance. He is a member of the management committee and firmwide risk council and serves as co-chair of the firmwide investment policy committee.  

Despite his investment banking experience, Nachmann is best known for his no-nonsense management style and cost-cutting expertise rather than his trading acumen. A Goldman banker once described him as “less a client guy and more a structural fixer.” 

However, Nachmann’s leadership has faced controversy. In March 2023, several women at Goldman accused him of undermining their careers, questioning their leadership abilities, and dismissing them as lacking substance in discussions with senior executives. Nachmann denied the allegations, but the claims emerged during a period of high-profile resignations at the firm.

Dan Dees, 54

Dees joined Goldman in 1992, quickly building relationships with top decision-makers and playing a key role in the bank’s 1999 IPO. He was instrumental in helping Solomon expand the bank’s financing business during the CEO’s early years at the firm. In 2022, Dees became co-head of global banking and markets, and he serves on Goldman’s management committee and as chair of the firmwide client franchise committee.

A partner since 2004, Dees spent time in Hong Kong and Tokyo, leading the region's financing group and later investment banking before returning to the U.S. in 2014 as global head of technology, media, and telecom banking. Through Dees, Goldman cultivated deep ties to Silicon Valley, cementing its position as a top Wall Street advisor to the tech sector.

In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO. 

Ashok Varadhan, 52

Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

John Waldron, 56

Waldron is widely regarded as the frontrunner in Goldman’s CEO succession race. In February, the bank signaled its long-term planning by adding him to its board of directors. A Cleveland, Ohio native, Waldron joined Goldman in 2000 after an eight-year tenure at Bear Stearns, where he met Solomon. Solomon later recruited him to Goldman, and the duo rose through the ranks, with Waldron holding key roles in the bank’s media and entertainment group, financial sponsors business, and client coverage arm.

In 2014, Waldron became co-head of investment banking alongside Solomon. When Solomon succeeded Lloyd Blankfein as CEO in 2018, Waldron was appointed COO and president—a position that has historically paved the way for Goldman’s top job. Recognized internally as a problem solver, Waldron has played a pivotal role in bridging Goldman’s investment, trading, and wealth management divisions. He has also been a leading advocate for expanding the firm’s asset and wealth management business. Colleagues told the Financial Times he’s been key to retaining senior talent and maintaining relationships with Goldman’s biggest clients.

A father of six with a fondness for peanut butter sandwiches, Waldron is well-regarded within Goldman and is admired for his work ethic and communication skills. However, some critics see him as too consensus-driven to make tough calls. He is also tied to several of the bank’s recent setbacks, including major job cuts in 2023, a failed retail banking expansion, and the $3.9 billion 1MDB corruption scandal. While neither he nor Solomon were directly involved, both saw their pay reduced in 2021 for "institutional failure."

Marc Nachmann, 54

Nachmann is reportedly one of Solomon’s top allies and most trusted fixers at Goldman Sachs. Since joining the bank in 1994, he has held key leadership roles across investment banking, global markets, and asset and wealth management, becoming a partner in 2004. His career trajectory includes serving as co-head of global natural resources, head of Latin America, head of the global financing group, co-head of investment banking, and global co-head of global markets before being named global head of asset and wealth management in 2022.

Nachmann also wields considerable influence within Goldman’s internal governance. He is a member of the management committee and firmwide risk council and serves as co-chair of the firmwide investment policy committee.  

Despite his investment banking experience, Nachmann is best known for his no-nonsense management style and cost-cutting expertise rather than his trading acumen. A Goldman banker once described him as “less a client guy and more a structural fixer.” 

However, Nachmann’s leadership has faced controversy. In March 2023, several women at Goldman accused him of undermining their careers, questioning their leadership abilities, and dismissing them as lacking substance in discussions with senior executives. Nachmann denied the allegations, but the claims emerged during a period of high-profile resignations at the firm.

Dan Dees, 54

Dees joined Goldman in 1992, quickly building relationships with top decision-makers and playing a key role in the bank’s 1999 IPO. He was instrumental in helping Solomon expand the bank’s financing business during the CEO’s early years at the firm. In 2022, Dees became co-head of global banking and markets, and he serves on Goldman’s management committee and as chair of the firmwide client franchise committee.

A partner since 2004, Dees spent time in Hong Kong and Tokyo, leading the region's financing group and later investment banking before returning to the U.S. in 2014 as global head of technology, media, and telecom banking. Through Dees, Goldman cultivated deep ties to Silicon Valley, cementing its position as a top Wall Street advisor to the tech sector.

In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO. 

Ashok Varadhan, 52

Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

Wall Street is abuzz with speculation over Goldman Sachs’ leadership succession as the firm quietly prepares for its next chapter. While CEO David Solomon recently signaled his intent to remain at the helm for another five years, the bank’s internal moves suggest a growing focus on president and COO John Waldron as the frontrunner to succeed him.

Solomon, 63, has been a polarizing figure, known for an abrasive leadership style controversial strategic decisions such as investing heavily in consumer banking, and a high-profile DJ side gig under the moniker DJ D-Sol, which he was forced to abandon in 2023. Though he and Waldron are seen as closely aligned, insiders suggest the race for the top job is far from settled. Several seasoned executives are emerging as serious contenders, intensifying the competition for the firm’s most powerful seat.

Here’s who could be next in line.

John Waldron, 56

Waldron is widely regarded as the frontrunner in Goldman’s CEO succession race. In February, the bank signaled its long-term planning by adding him to its board of directors. A Cleveland, Ohio native, Waldron joined Goldman in 2000 after an eight-year tenure at Bear Stearns, where he met Solomon. Solomon later recruited him to Goldman, and the duo rose through the ranks, with Waldron holding key roles in the bank’s media and entertainment group, financial sponsors business, and client coverage arm.

In 2014, Waldron became co-head of investment banking alongside Solomon. When Solomon succeeded Lloyd Blankfein as CEO in 2018, Waldron was appointed COO and president—a position that has historically paved the way for Goldman’s top job. Recognized internally as a problem solver, Waldron has played a pivotal role in bridging Goldman’s investment, trading, and wealth management divisions. He has also been a leading advocate for expanding the firm’s asset and wealth management business. Colleagues told the Financial Times he’s been key to retaining senior talent and maintaining relationships with Goldman’s biggest clients.

A father of six with a fondness for peanut butter sandwiches, Waldron is well-regarded within Goldman and is admired for his work ethic and communication skills. However, some critics see him as too consensus-driven to make tough calls. He is also tied to several of the bank’s recent setbacks, including major job cuts in 2023, a failed retail banking expansion, and the $3.9 billion 1MDB corruption scandal. While neither he nor Solomon were directly involved, both saw their pay reduced in 2021 for "institutional failure."

Marc Nachmann, 54

Nachmann is reportedly one of Solomon’s top allies and most trusted fixers at Goldman Sachs. Since joining the bank in 1994, he has held key leadership roles across investment banking, global markets, and asset and wealth management, becoming a partner in 2004. His career trajectory includes serving as co-head of global natural resources, head of Latin America, head of the global financing group, co-head of investment banking, and global co-head of global markets before being named global head of asset and wealth management in 2022.

Nachmann also wields considerable influence within Goldman’s internal governance. He is a member of the management committee and firmwide risk council and serves as co-chair of the firmwide investment policy committee.  

Despite his investment banking experience, Nachmann is best known for his no-nonsense management style and cost-cutting expertise rather than his trading acumen. A Goldman banker once described him as “less a client guy and more a structural fixer.” 

However, Nachmann’s leadership has faced controversy. In March 2023, several women at Goldman accused him of undermining their careers, questioning their leadership abilities, and dismissing them as lacking substance in discussions with senior executives. Nachmann denied the allegations, but the claims emerged during a period of high-profile resignations at the firm.

Dan Dees, 54

Dees joined Goldman in 1992, quickly building relationships with top decision-makers and playing a key role in the bank’s 1999 IPO. He was instrumental in helping Solomon expand the bank’s financing business during the CEO’s early years at the firm. In 2022, Dees became co-head of global banking and markets, and he serves on Goldman’s management committee and as chair of the firmwide client franchise committee.

A partner since 2004, Dees spent time in Hong Kong and Tokyo, leading the region's financing group and later investment banking before returning to the U.S. in 2014 as global head of technology, media, and telecom banking. Through Dees, Goldman cultivated deep ties to Silicon Valley, cementing its position as a top Wall Street advisor to the tech sector.

In 2018, Dees was promoted to co-head of Goldman’s investment banking franchise. While his former co-heads, Gregg Lemkau and Jim Esposito, left the bank after alleged tension with Solomon, Dees is said to have a close relationship with the CEO. 

Ashok Varadhan, 52

Currently co-head of global banking and markets at Goldman, Varadhan joined the firm in 1998 and became a partner just four years later, at 29, making him one of the youngest in Goldman history. A protégé of former CEO Lloyd Blankfein, Varadhan is the last remaining top trader from Blankfein’s generation still at the bank.

Over his 27-year Goldman career, Varadhan has held leadership positions in rates, currencies, emerging markets, and commodities. In 2012, he was named global head of macro trading. Varadhan is the most senior trader on the firm’s management committee and sits on Goldman’s firmwide risk counsel.

Despite his meteoric rise, Varadhan has had clashes with leadership over his loyalty to Goldman. In 2018, after taking over global sales and trading operations, he reportedly considered leaving for hedge fund Millennium Management, with colleagues noting he became less engaged. Goldman ultimately retained him after learning of his potential exit. In 2023, he again found himself at odds with leadership after challenging Solomon over traders’ pay, arguing it was too low.

Gregg Lemkau, 56

Lemkau spent nearly three decades at Goldman before departing in 2020 to become co-CEO of BDT & MSD Partners, an investment bank. Before his exit, he was widely seen as a top contender for CEO. Lemkau joined Goldman as an analyst in 1992, helping expand the bank’s technology M&A business throughout the 1990s. 

After making partner in 2002, he held several leadership roles, including co-head of health care banking, COO of investment banking division, co-head of technology, media, and telecom investment banking, co-head of global M&A, and co-head of global investment banking.

Regarded as one of Wall Street’s top M&A bankers, Lemkau advised on hundreds of deals for high-profile clients, including Tesla CEO Elon Musk, Uber co-founder Travis Kalanick, and Salesforce co-founder and CEO Marc Benioff.

Stephen Scherr, 60

Scherr joined Goldman in 1993 as an investment banker and spent 28 years in key strategic and operational roles, including head of Latin American operations, global head of financing, and ultimately, chief financial officer. In 2016, he spearheaded Goldman’s consumer banking launch before stepping down in 2021 to become CEO of Hertz Car Rental.

Scherr’s two-year tenure at Hertz was marked by aggressive expansion of the company’s electric vehicle fleet, a costly move that led to $245 million in losses and strained operations, ultimately costing him the top job.

In October 2024, Scherr returned to Wall Street as co-president of Pretium, one of the nation’s largest housing investment firms.

This story was originally featured on Fortune.com