Ben Frost, a senior consumer‑retail banker who led the firm’s largest deals last year, was named Chairman of Goldman Sachs’ Investment Banking division on January 21, 2026. The appointment follows a series of high‑profile transactions, including Kenvue’s $50 billion acquisition and a $24 billion Walgreens Boots Alliance deal, underscoring Frost’s deal‑making pedigree.
Frost’s promotion comes as Goldman Sachs consolidates leadership across its core franchise. The bank’s strategy has focused on strengthening its investment‑banking capabilities amid a competitive market, and placing a proven deal‑maker at the helm signals confidence in the division’s ability to capture high‑margin advisory work. The move is a material governance change that could enhance client perception and support future deal growth.
The promotion arrived shortly after Goldman Sachs reported its Q4 2025 earnings. The firm posted diluted earnings per share of $14.01, beating the consensus estimate of $11.67 by $2.34 or 20.6%. Revenue, however, fell to $13.45 billion, missing the consensus of $13.90 billion by $450 million. The revenue shortfall was largely driven by a $2.26 billion markdown related to the pending sale of the Apple Card portfolio in the Platform Solutions segment, which was more than offset by a $2.48 billion reduction in credit‑loss reserves. Global Banking & Markets revenue grew 22% year‑over‑year, and investment‑banking fees rose 25%, reflecting robust M&A activity.
Management highlighted the firm’s resilience and strategic focus. CEO David Solomon noted that the bank’s “core businesses have delivered strong results, and we remain confident in our ability to sustain profitability through disciplined cost management and a focus on high‑margin segments.” The promotion aligns with Goldman’s broader emphasis on fee‑based wealth management and a strategic retreat from legacy consumer banking risk, positioning the investment‑banking division to capitalize on growing M&A and capital‑markets opportunities.
The market viewed the leadership change positively, reflecting confidence in the bank’s continued execution and the strength of its advisory franchise. The promotion is part of a broader effort to reinforce leadership in key business units, reinforcing Goldman Sachs’ competitive position in the financial services industry.
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