Latest Interviews

Will tariffs lead to a recession?

Paul Krugman, Jan Hatzius, Oren Cass, Allison Nathan

Prominent economists Paul Krugman, Jan Hatzius, and Oren Cass debated the Trump administration's historic tariff expansion, which Krugman identifies as an unprecedented economic shock and Hatzius projects will reduce GDP growth by two percentage points while raising recession probabilities to 45%. While Krugman warns that policy uncertainty will stifle business investment and Hatzius cautions that the Federal Reserve faces a difficult trade-off between inflation and stagnation, Cass argues the measures represent a necessary structural correction to global supply chains that will eventually stimulate domestic production. The panel concluded that although immediate data lags obscure the full extent of damage, the severity of the downturn will ultimately depend on the Federal Reserve's ability to balance conflicting price and employment mandates against a backdrop of rapidly shifting trade policy.

Sustainability - Goldman Sachs 2020 Investor Day

Asahi Pompei, Margaret Anadu, John Goldstein, David Solomon, Mike May

Goldman Sachs has declared a $750 billion ten-year commitment to integrate sustainable economic growth into its core operations, focusing on climate transition and inclusive development through initiatives like the Urban Investment Group. This strategy mobilizes capital across all divisions to finance green infrastructure, social sovereign bonds, and private impact investments while expanding philanthropic programs such as 10,000 Women to support 50,000 entrepreneurs globally. By leveraging rigorous risk management and standardized data disclosure, the firm positions private capital as a primary solution for global inequality and climate challenges amidst shifting regulatory and market demands.

Fixed Income Investor Relations - Goldman Sachs 2020 Investor Day

Beth Hammack, Kerry Halio, Rajeshri Datta

Goldman Sachs is accelerating a strategic shift to increase unsecured consumer deposits, aiming to replace $10 billion of wholesale debt annually to reduce interest costs and fund a long-term 50-50 debt-deposit mix. Complementing this funding evolution, the firm plans to shorten its wholesale debt weighted average maturity to eight years or less while executing a targeted transition away from LIBOR by the end of 2021. These liquidity and asset-liability management initiatives, supported by robust capital buffers and conservative underwriting, are projected to lower net interest expenses by $1 billion over the medium term.

A Conversation with David Solomon - Goldman Sachs 2020 Investor Day

David Solomon, Julian Wellesley, Brennan, Mike, Kiana Wilson, Doug, Christian Bolu, Glenn, Betsy, Devin, Steve, John, Gerard Cassidy, Matt O'Connor, Jeff Hart

Goldman Sachs is executing a strategic pivot to diversify its Global Markets client base and expand Consumer and Wealth Management operations, specifically targeting a $1.3 billion expense reduction while simultaneously building toward $125 billion in deposits. CEO David Solomon and leadership team emphasized a "One Goldman Sachs" ethos to break internal silos, with management deferring specific payout ratios in favor of a CET1 target of 13% to 13.5% to fund accretive growth. The firm projects a three-to-four-year J-curve for new lending and transaction banking initiatives, planning to report progress against these capital allocation and efficiency milestones on an annual basis rather than quarterly.

Consumer & Wealth Management - Goldman Sachs 2020 Investor Day

Eric Lane

Goldman Sachs is executing a "Realign to Focus on Individuals" strategy to restructure its consumer and wealth management division, leveraging a technology-enabled platform to serve Ultra-High Net Worth, High Net Worth, and Mass Affluent segments across $2.3 trillion in client assets. The firm integrates its flagship Private Wealth Management unit with the former United Capital and Advisors' Capital Organization platforms to drive revenue from $5 billion toward long-term targets of $700 million in pre-tax income and $125 billion in deposits. This approach aims to capture significant global market share by expanding international advisor bases, increasing lending penetration, and deploying a fully digital mass affluent bank through the Marcus brand.

Financial Roadmap - Goldman Sachs 2020 Investor Day

Stephen Scher

Goldman Sachs has outlined a three-year strategic plan targeting a Return on Equity exceeding 13% and an efficiency ratio of 60% by driving revenue growth, reducing the cost of funds, and implementing a $1.3 billion expense initiative. The firm aims to lower its funding costs by diversifying liabilities to reach a 50% deposit mix and will allocate capital toward high-return opportunities while returning excess value to shareholders through flexible buybacks and dividends. Under this framework, the Global Markets segment seeks to lift its ROE to 10% while new consumer and transaction banking initiatives are projected to reach break-even status within the medium-term horizon.

Strategic Roadmap and Goals - Goldman Sachs 2020 Investor Day

Goldman Sachs is advancing a strategic transformation through its "One Goldman Sachs" initiative, which unifies siloed franchises to deliver holistic client solutions while targeting a Return on Equity exceeding 13% over the next three years. The firm is capitalizing on the digital revolution and sustainability themes by launching a $750 billion financing target and expanding into adjacent sectors like transaction banking and digital consumer finance to drive durable revenue growth. Guided by core values of partnership and integrity, the leadership team leverages its global scale and top-tier talent to optimize operational efficiency and maintain a CET1 capital ratio between 13% and 13.5% while executing long-term growth plans.

Goldman Sachs at 150: Part 9 – Crisis (2008)

Lloyd Blankfein, Marty

In June 2006, Lloyd Blankfein succeeded Hank Paulson as CEO of Goldman Sachs, guiding the firm through the unfolding U.S. housing bubble and the subsequent 2008 financial crisis. While the collapse triggered a cascade of market failures and froze global credit, Goldman Sachs mitigated significant financial losses despite admitting they spent the period "scrambling" to manage emerging risks. Following the turmoil, the bank faced intense reputational backlash for its resilience and government bailouts, prompting leadership to establish a Business Standards Committee, enhance transparency regarding derivatives, and commit to a more robust public dialogue about their societal influence.