After abandoning most of the bank’s fledgling consumer-lending business, Goldman Sachs Group GS CEO David Solomon said Tuesday that the investment bank plans to focus on growing its wealth and asset-management businesses to help preserve its dominance on Wall Street.
Solomon dashed off a list of accomplishments for the bank’s wealth-management franchise, touting its platform as “the fifth-largest active manager in the world,” and saying that the bank is well on its way to bringing in $10 billion in fees annually. What’s more, Morgan Stanley’s strategy has been “asset light,” meaning it allows the bank to make money without having to put its own capital on the line. Solomon sketched out a similar approach during his chat with Sorkin.
“Goldman Sachs is the leader in investment banking and markets…the relative performance in that business has been fantastic and that’s always going to be a big part of Goldman Sachs,” Solomon said. “Inflation is going to be stickier and harder to move…but there’s a better chance that we could muddle through with a softer landing,” Solomon said.
Close the doors! Don’t let the poor in!
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Goldman Sachs boss David Solomon warns the inflation fight is far from overGoldman Sachs boss David Solomon warns the fight against inflation is nowhere near over – because the US jobs market still looks so strong “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” It has nothing to do with the jobs market. For gods sakes. Lmao smfh only 'Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.” It has nothing to do with the jobs market. For gods sakes. Lmao smfh only DavidSolomon
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