Goldman Sachs CEO David Solomon: 'No succession transition or timeline underway'

Goldman Sachs ( GS ) said Tuesday that third quarter profits rose 29% from a year earlier as its Wall Street trading and dealmaking businesses continued to deliver solid results despite cooling from a record second quarter.

The bank reported $5.29 billion in net earnings, or $17.01 per share, far exceeding the $13.50 per share forecast by analysts.

Total net revenue increased 23% to $18.7 billion, while analysts expected $16.4 billion.

Goldman Sachs CEO David Solomon described the bank's third quarter backdrop as "a complicated operating environment" in a statement accompanying the earnings release.

Later, on a conference call with analysts, Solomon pushed back against recent reports that a leadership change is underway at the bank.

"There is no succession transition or timeline underway at Goldman Sachs," Solomon said, adding that he is "really enjoying the job."

His comments followed a Wall Street Journal report that Goldman's board discussed a plan for Solomon to step down as soon as 2027 or in 2028, potentially making way for his longtime deputy, John Waldron.

Goldman Sachs' stock was up less than 1% midday.

This price reflects trading activity during the overnight session on the Blue Ocean ATS, available 8 PM to 4 AM ET, Sunday through Thursday, when regular markets are closed.

Goldman's results come after Wall Street executives cautioned that the trading boom that fueled record revenues earlier this year would be difficult to sustain.

The company said revenue across its equities and fixed-income trading divisions totaled $9.9 billion, driven by a 96% jump in revenue from its equities financing business.

The total haul far exceeded the $8.8 billion analysts projected, though it was still short of the record $12 billion the bank earned in the previous quarter. Revenue from Goldman's fixed income, currencies, and commodities group fell slightly from a year earlier.

Investment banking fees rose 21% over the same period to $3.22 billion, driven by a jump in revenues from its M&A advisory unit and equity underwriting business. Advisory revenue reached a record $1.65 billion.

The results come as the country's biggest banks enter a somewhat delicate earnings season with investors watching for clues that higher borrowing costs could temper the extraordinary growth Wall Street saw earlier in the year.

Goldman's third quarter print also included charitable contributions that reduced earnings by approximately $1 per share, along with higher-than-expected provisions for credit losses of $368 million, largely reflecting impairments on wholesale loans.

The bank also reported markdowns tied to its Apple Card loan portfolio, contributing to a 72% decline in revenue from its Platform Solutions business. Goldman is in the process of offloading its Apple ( AAPL ) credit card portfolio to JPMorgan Chase ( JPM ).