In an wide-ranging with Bloomberg, David Solomon said, “The US economy is doing quite well, it has been very resilient. The base case in the US is a soft landing.”
Earlier this month, Goldman Sachs reported a 45 percent rise in third-quarter profit on a surprise rise in equity-trading revenue and a rebounding investment-banking business. While the US election has the potential to bring changes “there is no question that the dealmaking environment is improving,” Solomon said Tuesday.
ALSO READ: Explosive claims: Tim Walz’s stormy affair with Chinese Communist Party insider’s daughter revealed Goldman Sachs CEO on Mideast conflictThe Goldman Sachs CEO also expressed concerns about other parts of the world, including the Middle East where tensions between Israel and Iran are running at the highest level in decades.
Over the weekend, Israel struck military targets across Iran, delivering on Prime Minister Benjamin Netanyahu’s vow to retaliate for a prior missile barrage by the Islamic Republic.“I am kind of concerned about the situation,” Solomon said about the Middle East. “It is not good for security, safety and growth.” But the war “hasn’t had a significant impact on activity” in the region yet, he told the Bloomberg.
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Goldman chief on US electionsGoldman chief Soloman also warned about risks around regulation as elections are coming up in the US on November 5. Democratic nominee Kamala Harris and ex US President Donald Trump are locked in a neck-and-neck and tight fight for the US elections.
“We do have an election and there will be policy decisions coming out,” said Solomon. “Those will have an impact on the trajectory in 2025 and 2026,” he said, adding that the bank is well-positioned to support either administration and its clients in either outcome.
“I am a little bit more concerned about European growth and also the economic situation in China, but overall the engine of the US has been quite powerful,” Solomon said.
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On Tuesday, Goldman unveiled a new office in the financial district of the Saudi capital, deepening its presence in the largest Middle Eastern economy. Solomon said Goldman isn’t having trouble attracting talent to Saudi Arabia — or the Middle East — as competition between Riyadh and Dubai gets increasingly hotter.
“I do agree there’s more competition here but that’s a positive actually. The levels of activity are picking up,” he said. Goldman is “well positioned” to act as an investment bank, trader, and asset and wealth manager in Saudi Arabia as client interest expands, Solomon added.
“We’ve been able to attract talent,” he said. “We’re Goldman Sachs.”