Goldman Sachs profit rises 33% as Solomon denies exit plan

Goldman Sachs reported a 33 percent rise in third-quarter profit on Tuesday, while Chief Executive David Solomon said there was no succession transition or timeline underway at the bank.

The New York financial group made $5.1 billion in profit in the July-September period, up from a year earlier but down 20 percent from the second quarter, when business conditions were especially strong. Revenue rose 23 percent to $18.7 billion.

Goldman said revenue in fixed income, currency and commodities was “essentially unchanged”, while net revenue in equities trading rose 72 percent from a year earlier. The bank also reported higher investment banking fees, citing increases in completed mergers and an elevated level of initial public and secondary equity offerings.

The Wall Street Journal reported on September 28 that Goldman's board had discussed a plan for Solomon to step down as CEO and be replaced by Chief Operating Officer John Waldron around the end of 2027 or in 2028. A Goldman spokesman said then that there was no timetable for a transition.

Solomon repeated that message on Tuesday. “I just want to be clear: there is no succession transition or timeline underway at Goldman Sachs,” he said.

Goldman shares rose 0.8 percent in morning trading.