Bitcoin News and Finance
Goldman Sachs CEO Sees Good Chance of Recession — Advises Investors to Be Cautious, Prepare for More Difficult Environment Skip to main content

Goldman Sachs CEO Sees Good Chance of Recession — Advises Investors to Be Cautious, Prepare for More Difficult Environment

The CEO of global investment bank Goldman Sachs, David Solomon, sees a good chance of a U.S. recession. He stressed that the “environment heading into 2023 is one that you’ve got to be cautious and prepared for.”

Goldman Sachs CEO Warns About U.S. Recession, Advises Investors to Be Cautious

Goldman Sachs CEO David Solomon warned about where the U.S. economy is headed in an interview with CNBC Tuesday. He said:

I think it’s a time to be cautious, and I think that if you’re running a risk-based business, it’s a time to think more cautiously about your risk box, your risk appetite.

“I think you have to expect that there’s more volatility on the horizon now,” the Goldman CEO continued. “That doesn’t mean for sure that we have a really difficult economic scenario. But on the distribution of outcomes, there’s a good chance that we have a recession in the United States.”

However, the executive noted: “The fundamentals really don’t change. The leadership does move to different places, but it’s the same leadership.”

Solomon explained that investors need to be conscious of the challenges ahead, elaborating:

That environment heading into 2023 is one that you’ve got to be cautious and prepared for.

“In an environment where inflation is more embedded and growth is slower, you know, asset appreciation will be tougher,” he cautioned. “Are we going to get rooted in that kind of a decade-long scenario? I don’t know.”

The Goldman boss detailed that public policy in areas such as energy and immigration will be key in determining where the U.S. economy is headed. He concluded:

If you’re a risk manager right now, I think you have to prepare for a more difficult environment in 2023.

Goldman Sachs released its third-quarter earnings results Tuesday. While profit fell 43% to $3.07 billion, or $8.25 a share, it exceeded the $7.69 estimate of analysts surveyed by Refinitiv. In addition, revenue dropped 12% to $11.98 billion.

Solomon also officially announced a corporate reorganization on Tuesday. The CEO stated:

Today, we enter the next phase of our growth, introducing a realignment of our businesses that will enable us to further capitalize on the predominant operating model of One Goldman Sachs.

“We are confident that our strategic evolution will drive higher, more durable returns and unlock long-term value for shareholders,” he affirmed.

Solomon’s counterpart at JPMorgan Chase, Jamie Dimon, recently warned that a recession could hit the U.S. economy in six to nine months. In a recent survey, 98% of CEOs said they are preparing for a U.S. recession. President Joe Biden, however, is not worried, stating over the weekend that the economy is “strong as hell.”

What do you think about the comments by Goldman Sachs CEO David Solomon? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory