Goldman Sachs CEO David Solomon Named Chair of Business Council as Q3 Earnings Reinforce Market Position

Goldman Sachs CEO David Solomon will assume the role of chair of the Business Council, marking a new leadership milestone for the firm. Announced on October 16, 2026, Solomon will take over from Brian Cornell, current chair and executive at Target. This appointment positions him to guide a prominent cohort of top corporate leaders through a period marked by AI-driven transformation, geopolitical volatility, and economic uncertainty.

Q3 Earnings Highlight Strong Momentum Across Key Franchises

Just days before this leadership development, Goldman Sachs delivered a standout performance in its third-quarter 2026 earnings. The firm reported an EPS of $17.01—representing a 39% year-over-year increase—and net revenues of approximately $18.68 billion, up 23% from the same period last year. These results were powered by robust growth across its Global Banking & Markets and Asset & Wealth Management divisions.

Global Banking & Markets was particularly notable, with net revenues rising 32% year-on-year to $13.46 billion. Equities revenues surged an impressive 72% to $6.44 billion, underpinned by strong intermediation and financing activity, while investment banking fees increased 21% to $3.22 billion. Asset & Wealth Management also delivered, with net revenues of $5.05 billion—14% higher than a year earlier. The division achieved record assets under supervision at $4.10 trillion, bolstered by $83 billion in total net inflows and $97 billion in long-term net inflows during the quarter.

Implications for Goldman’s Strategic Momentum

Solomon’s new role leading the Business Council aligns with Goldman’s elevated market positioning, as highlighted by its latest financial performance. The firm’s surging equities revenue and sustained inflows in its wealth business reinforce its strategic pivot toward more durable and recurring revenue streams. These developments suggest Goldman continues to consolidate its competitive advantage in capital markets and private-client offerings.

Looking Ahead

As Solomon prepares to chair the Business Council, investors will be watching closely to see whether Goldman can sustain its current momentum amid evolving macroeconomic challenges. Ongoing execution in its core Global Banking & Markets and Asset & Wealth Management franchises, along with disciplined balance sheet management, will likely shape the firm’s trajectory heading into year-end.

Stock Note: As of October 16, 2026, Goldman Sachs (GS) traded at $881.26, down 1.63%—a modest pullback following the Q3 results and leadership news. Continued earnings strength and strategic alignment may provide renewed support for the stock in coming sessions.