Core Insights - The article highlights the journey of a professional transitioning from a technical background in data science to a career in financial technology at Goldman Sachs, emphasizing the importance of internal mobility and career development opportunities within the firm [2][3]. Group 1: Career Development - The company encourages internal transfers, providing a platform for employees to explore diverse career paths, which enhances their professional growth [3]. - The transition process to a new role was smooth, supported by both the human resources department and supervisors from previous and new teams, ensuring a seamless handover [4]. Group 2: Work Environment - The work culture at Goldman Sachs is characterized by a strong sense of partnership, where collaboration among teams is crucial for successful trading operations [7]. - The company promotes a "coffee chat" culture, facilitating informal interactions that help new employees understand the firm's operations and build connections [7]. Group 3: Daily Responsibilities - The primary responsibility of the information technology team is to develop trading systems that directly impact stock market operations, requiring close communication with traders [5]. - Daily tasks involve monitoring system performance, addressing trader inquiries during market hours, and focusing on personal projects during quieter periods [6].

Core Viewpoint - The article discusses the internationalization of the Renminbi (RMB) and its potential to increase its share in global reserves, currently at 2%, by leveraging China's economic growth and expanding foreign investment opportunities in RMB-denominated assets [3][9]. Group 1: RMB Internationalization Progress - Since 2009, China's efforts to internationalize the RMB have shown limited progress, with its international usage still less than half that of the British pound and significantly lower than the US dollar [4]. - China's GDP share in global GDP has increased from 6% in 2000 to 19% in 2023, highlighting its growing economic influence [3]. - The RMB's internationalization could be accelerated by emerging market central banks diversifying their assets, especially in the context of geopolitical changes post-2022 [4]. Group 2: Determinants of Reserve Currency Status - Key factors influencing the choice of reserve currency include inertia, economic size, financial market depth, currency credibility, and increasingly, geopolitical considerations [5]. - A panel regression model from 1986 to 2022 reveals that reserve currency status exhibits strong inertia, with adjustments to reserve composition being slow and minimal in the short term [6]. - Economic size is identified as the most significant determinant of reserve currency share, with potential critical points where further GDP increases could lead to disproportionate growth in reserve share [6][7]. Group 3: Historical Insights on Currency Dominance - Historical transitions of currency dominance, such as the shift from the pound to the dollar, illustrate that becoming a dominant currency is a lengthy process, often taking decades [8]. - The policies and actions of both the challenger and the incumbent currency significantly impact the international use of currencies [8]. - Major economic downturns can hinder the internationalization process of a currency, as seen in past instances with the dollar and other currencies [8]. Group 4: Unique Aspects of RMB Internationalization - China's approach to RMB internationalization may focus on expanding the offshore market (CNH) while keeping the onshore market (CNY) relatively stable [10]. - The RMB's internationalization is expected to play a more significant role in foreign direct investment (FDI), particularly towards Belt and Road Initiative countries [11]. - The development of a cross-border payment system (CIPS) and RMB-denominated commodity trading is part of China's strategy to enhance the RMB's global standing [12]. Group 5: Challenges and Opportunities - The growing manufacturing strength of China and geopolitical changes present new opportunities for RMB internationalization, but challenges remain in balancing market stability with foreign investor demands [13]. - The rise of stablecoins and financial innovations poses regulatory challenges, necessitating urgent strategies from Chinese authorities to address potential risks and ensure effective oversight [13].

Core Insights - The first Asia Leaders Conference hosted by Goldman Sachs in Hong Kong gathered over 2,300 participants, including nearly 300 leading companies, highlighting the importance of strategic partnerships in a changing business landscape [1] - Key discussions focused on macroeconomics, geopolitical issues, technological innovation, alternative investments, and wealth management, with a strong emphasis on artificial intelligence as a core growth driver [1] - The conference featured notable speakers from major Chinese internet companies and a presentation on Qatar's 2030 National Vision, showcasing the growing economic ties between the Middle East and Asia [1] Group 1: Market Dynamics - Goldman Sachs' Asia Pacific President, Kevin Sneader, noted that foreign interest in Chinese stocks is at its highest since 2021, driven by a significant increase in household savings in mainland China, which rose by 55 trillion RMB over the past 4 to 5 years [2][4] - The average daily trading volume of Hong Kong stocks has recently surpassed 300 billion HKD, with a continuous increase in trading activity attributed mainly to Chinese investors, particularly retail investors [4] Group 2: Investment Outlook - Goldman Sachs is expanding its recruitment in Hong Kong in response to increased business volume, indicating a more accelerated pace compared to 12 to 18 months ago [3] - Sneader expressed confidence that the upward trend in the Chinese stock market can continue, although foreign investors remain cautious about committing large sums due to high return expectations and geopolitical tensions [3][4] - The firm believes that clarity and consistency in China's policies are crucial for attracting foreign investment, particularly in addressing tariff issues and supporting the private sector [4] Group 3: Sector Focus - The recent market rebound, with the Hang Seng Index rising 45% and the CSI 300 Index increasing 37% over the past 12 months, is seen as sustainable, with renewed interest in corporate profitability and innovation in the technology sector [5] - Key areas of foreign interest include healthcare, biotechnology, humanoid robotics, battery technology, and electric vehicles, reflecting China's rapid innovation in these fields [5][6]

Core Viewpoint - The stock market activity has significantly increased since the beginning of the year, particularly in the Asia-Pacific region, marking a return of positive market sentiment after three years [1][3]. Group 1: Market Sentiment and Activity - Overall market sentiment has undergone a notable transformation since the beginning of the year, with expectations for active stock capital markets, merger and acquisition (M&A) markets, and bond capital markets from now until next year [3]. - The current market momentum is primarily driven by the technology sector, with industrial technology and medical technology identified as key focus areas, alongside signs of recovery in the financial services sector [3]. Group 2: Japan Market Insights - The Japanese market is currently experiencing heightened activity, with corporate reforms translating into increased M&A activity, and financial investment institutions actively seizing opportunities [3]. - There is a growing optimism regarding the Japanese market as reforms continue, despite the economy showing moderate growth, indicating clear signs of a turning point that has significantly improved market sentiment [3]. - A comprehensive recovery in transaction activities across major industries is anticipated from the second half of 2025 to 2026 [3].

Core Viewpoint - Goldman Sachs is initiating its 2025 Fall Campus Recruitment events, inviting students from various backgrounds and majors to participate in the financial industry [1]. Group 1: Event Highlights - The recruitment events will feature guest speakers from key functional departments of Goldman Sachs, including Global Banking and Markets, Asset and Wealth Management, Research, Operations, and Information Technology [3]. - Alumni from major universities will share valuable workplace experiences and market insights, helping students broaden their perspectives and enter the forefront of the financial industry [3]. Group 2: Registration Information - Students can register for the events by scanning a QR code to access the My GS Event Portal, where they can create an account and sign up for the activities [4]. - The offline recruitment events are scheduled at several universities: Fudan University on September 16, Peking University on September 17, Tsinghua University on September 18, and Shanghai Jiao Tong University on September 23 [5][6][7]. Group 3: Understanding Goldman Sachs - Participants will gain insights into Goldman Sachs' business scope, corporate culture, and core advantages through workplace sharing by business representatives [8]. - Human resources will provide tips on job applications and interviews, along with a Q&A session [8]. - There will be opportunities for in-depth discussions with business representatives about career development and professional networking [8].

Core Viewpoint - The relationship between China and the United States is evolving into a clear strategic interdependence, reshaping the global economy and requiring companies to embrace complexity and adapt to new dynamics [1][5][9]. Group 1: Changes in Economic Relations - Recent months have seen a de-escalation in U.S.-China trade tensions, but fundamental changes in economic relations are evident, with geopolitical, security, and supply chain resilience now influencing economic decisions as profoundly as cost and efficiency did in the past [5]. - The share of Chinese imports in the U.S. has decreased from a historical high of 22% in 2017 to 13.4% in 2024, while Vietnam's share has doubled, and Mexico has become the largest trading partner of the U.S. [6]. - Foreign direct investment (FDI) inflows into China have dropped over 90% in the past four years, reaching a 30-year low, as Western investors reduce investments, particularly in sensitive sectors like technology [6][8]. Group 2: Strategic Shifts in Business Operations - Companies are now prioritizing resilience and diversification over efficiency, leading to increased spending on supply availability and security, resulting in deeper inventories and higher costs [5][6]. - The current focus on trade is accompanied by a fragmentation of capital flows, with a notable shift towards a "China for China" strategy among companies [6][8]. - Businesses operating in China must navigate structural complexities such as regulatory uncertainty, data localization requirements, national security reviews, and capital controls, necessitating a more cautious and strategic approach to capital deployment [8]. Group 3: Future Outlook and Recommendations - The Chinese economy is advancing in advanced manufacturing and is committed to solidifying its global technological leadership, yet foreign direct investment remains low [8]. - Chinese outbound investment to the U.S. has decreased by over 95% from its peak in 2016, with capital increasingly directed towards Southeast Asia, the Middle East, and Latin America [8]. - Successful companies will be those that possess refined intelligence, flexible business models, and a deep understanding of local conditions in this strategically interdependent world [8][9].

Core Insights - Goldman Sachs research predicts an increase in the number of autonomous taxis (Robotaxis) in the U.S. as leading operators reduce costs and scale operations, with an upward revision of the potential market size for autonomous taxis in China [1] U.S. Market Overview - Currently, over 1,500 autonomous taxis are operating commercially in five U.S. cities, expected to grow to approximately 35,000 by 2030, generating annual revenues of $7 billion and capturing about 8% of the shared mobility market, up from less than 1% [2] - The compound annual growth rate (CAGR) for the autonomous taxi market from 2025 to 2030 is projected to be around 90%, with gross margins for vertically integrated operators potentially reaching 40-50% in the next three to five years, leading to total gross profits of about $3.5 billion by 2030 [2] China Market Potential - In China, technology readiness is acknowledged, with an expectation of 535,000 autonomous taxis operating in over 10 cities by 2030, driven by consumer acceptance, fleet maturity, and supportive government and insurance sectors [3] - The potential market size in China is projected to reach $61 billion by 2035, with profitability expected in first-tier cities by early 2026 [3] Factors Influencing Predictions - The speed at which autonomous vehicle suppliers can scale operations and the level of competition will determine whether Goldman Sachs' predictions are overly optimistic or conservative [4] - Early signs of successful scaling in autonomous vehicles are emerging, with consumer preferences shifting towards autonomous options in specific shared mobility markets [4] Cost Dynamics - As the scale of autonomous vehicles increases, costs are decreasing, with significant reductions in hardware requirements and driving costs per mile, projected to drop from approximately $0.35 in 2025 to $0.15 by 2040 [5] - Insurance costs are also expected to decline from $0.50 per mile to about $0.23 during the same period, while the number of vehicles managed by a remote operator is anticipated to increase significantly [5] Consumer Behavior - Despite the rise of autonomous taxis, ownership of personal vehicles may not decline sharply, as the cost of operating a private car remains competitive compared to shared mobility options [6] - The report suggests that in the next 3-5 years, deliveries of autonomous vehicles in the U.S. will primarily focus on commercial applications [6] Trucking Sector Insights - The development of autonomous trucks is expected to be slower compared to the shared mobility market, with only a few deployments currently in the U.S. and an estimated 25,000 autonomous trucks by 2030, still representing less than 1% of commercial truck fleets [7]

Core Viewpoint - Despite macroeconomic headwinds, the M&A market continues to show resilience, with a significant increase in global M&A transaction volume in the first half of 2025, up by 29% year-on-year [1] Group 1: M&A Activity Trends - In the first half of 2025, the number of mega-deals (transactions over $10 billion) reached a historical high, driven by corporate focus on long-term growth and increased confidence from CEOs in operational investments and strategic mergers [2] - The Asia-Pacific region saw a notable increase in mega-deal activity, with transactions between $1 billion and $5 billion rising by 57% year-on-year, while the Americas and Europe, the Middle East, and Africa experienced increases of 42% and 9%, respectively [3] Group 2: Financial Institutions and Investment Behavior - Financial investment institutions are actively deploying capital, showing a cautious yet progressive investment approach amid macroeconomic uncertainties [4] - The role of financial investment institutions in supporting corporate development is becoming increasingly critical, with sustained high demand for key assets [5] Group 3: Corporate Strategies for Value Creation - Corporate spin-offs and organizational streamlining are essential strategies for unlocking shareholder value, particularly in a favorable interest rate environment and recovering stock markets [6] - In response to de-globalization trends, companies are simplifying their structures to mitigate risks and enhance value, with geopolitical tensions and regional regulatory differences driving businesses to reorganize by region [7] Group 4: Regional M&A Dynamics - The Asia-Pacific region is experiencing a dual acceleration in both cross-border and local M&A activities, as companies seek to diversify revenue sources and expand into high-growth emerging markets [8]

Group 1 - The core message emphasizes Goldman Sachs' commitment to attracting diverse talent for its various departments, particularly in technology and operations, regardless of academic background [1][2][4][6] - Goldman Sachs is hosting a series of virtual recruitment events in August 2025, targeting students graduating in 2026-2027, with specific focus on engineering and operations roles [2][4][6] - The events will provide insights into the roles and experiences of employees in the technology and operations departments, along with opportunities for direct interaction and networking [2][4][6] Group 2 - The APAC Engineering Insight Day will take place on August 5-6, 2025, from 4-6 PM Beijing time, allowing participants to learn about technology applications in finance [2] - The China Engineering Academy event is scheduled for August 28, 2025, from 10-11 AM Beijing time, offering insights into career development and application tips for internships and full-time positions [4] - The Operations Virtual Insight Day is set for August 26, 2025, from 2-3 PM Beijing time, focusing on the operations department's role in supporting business development and risk management [6] Group 3 - Participation in these events is by invitation only, and selected students will receive email notifications [3][5][6] - Registration for the events can be completed through the My GS Event Portal, with specific instructions provided for creating an account and signing up [7]

Core Insights - This summer, over 2,600 interns joined Goldman Sachs across 45 global offices, representing more than 500 universities and speaking over 85 languages [1] - The internship program aims to provide interns with substantial business understanding, teamwork experience, and relationship-building opportunities [1][7] - David Solomon, the CEO, shared career advice and expectations for the interns, emphasizing the importance of customer focus and teamwork in the financial industry [2][6] Summary by Sections - **Internship Overview** - The internship program includes 2,600 interns from diverse backgrounds, with 215 in the Asia-Pacific region [1] - Interns are encouraged to actively participate and engage with their teams to gain insights into the company and its operations [8] - **CEO's Message** - David Solomon expressed excitement about the new perspectives interns bring to the firm and shared key principles for a successful internship experience [5][6] - The message highlights the importance of collaboration, curiosity, and striving for excellence [6][8] - **Key Principles for Interns** - Engage meaningfully in team meetings and view each day as an opportunity to learn [8] - Ask questions and listen to colleagues to absorb valuable insights [8] - Collaborate with team members, emphasizing collective success over individual efforts [8] - Pursue excellence and avoid settling for less than the best [8] - Enjoy the journey and pace oneself, recognizing that this is just the beginning of a long career path [8] - **Future Opportunities** - Applications for Goldman Sachs' 2026 summer internship and full-time programs are currently open [10]