Group 1 - John Weinberg is the Chairman and CEO of Evercore, a position he has held for nearly 4 years [1] - Prior to his current role, he served as Co-Chairman of the Board and co-CEO since July 2020, overseeing significant growth at Evercore [1] - John Weinberg has a background as Vice Chairman of Goldman Sachs and Head of Investment Banking before joining Evercore in November 2016 [1]

Monetary Policy Outlook - Goldman Sachs anticipates the Federal Reserve will cut interest rates and believes they should do so [2] - The firm expects the Fed to be hawkish in its rhetoric following the rate cut but suggests they should be patient and await official data on the labor market [2] - Goldman Sachs suspects the labor market is weaker than it appears and anticipates a deeper easing cycle from the Fed than the market currently expects [3] - The firm believes the Fed will quickly counteract negative pressures in the labor market and move into a more easing posture early in the new year [4] Labor Market Analysis - Goldman Sachs acknowledges mixed messages in job openings reports and unemployment claims but suspects labor market weakness will become apparent in 2026 [5][3] - The firm anticipates productivity gains from technology and AI adoption will necessitate easier monetary policy to assist labor market rebalancing [6] Economic Growth and Inflation - Goldman Sachs is bullish on growth in 2026, anticipating high GDP and high unemployment, requiring lower interest rates [7][8] - The firm expects productivity gains to lower the cost of goods sold, benefiting consumers and margins, and does not anticipate stubbornly high inflation [7][6] - Goldman Sachs views AI and technological advances as a significant unlock of productivity, benefiting consumers and the real economy [8][9] Fiscal Implications - Goldman Sachs notes that great growth and lower interest rates would be beneficial for the US government's fiscal balance [9]

Summary of Goldman Sachs Conference Call - December 09, 2025 Company Overview - **Company**: The Goldman Sachs Group (NYSE: GS) - **CFO**: Dennis Coleman, with the firm since 1996 and CFO since 2022 Industry Insights - **Macroeconomic Outlook**: The U.S. economy is characterized as resilient and conducive to business, with expectations of a 25 basis points pause by the Federal Reserve in early 2026, followed by potential rate cuts [2][3] - **M&A Activity**: Goldman Sachs has maintained a leading position in M&A, advising on over $1.5 trillion of activity in 2025, potentially marking the second biggest year in history for M&A [7][9] - **Sponsor-led Transactions**: There has been a 40% increase in sponsor-led transactions, with sponsors holding $1 trillion in dry powder, indicating a significant opportunity for future M&A activity [12][10] Key Business Segments Global Banking and Markets - **Market Position**: Goldman Sachs holds the number one position in M&A for the past 20 years and has a leading equities and FICC franchise [3][4] - **Client Engagement**: High levels of client engagement have been noted, even amidst broader market uncertainties [6] Asset and Wealth Management - **Growth Focus**: The firm aims to grow durable revenue streams, with a top-five active asset management business and a leading alternatives platform [3][38] - **Recent Performance**: In the last quarter, Goldman Sachs raised $33 billion in alternatives, setting a record and raising full-year guidance to over $100 billion [38] Capital Solutions Group - **Strategic Importance**: The Capital Solutions Group has been successful in consolidating financing activities and is expected to drive growth through large strategic financing transactions [21][22] Financial Performance and Strategy - **Excess Capital**: Goldman Sachs has a significant amount of excess capital, which will be prioritized for client franchise deployment, dividend growth, and shareholder returns [31][32] - **Inorganic Growth**: Recent acquisitions, such as Innovator Capital Management, are aimed at enhancing the firm's position in the ETF and venture capital spaces [34][35] Risk Management - **Focus on Risk**: The firm emphasizes robust risk management practices across its financing activities, with a focus on stress testing and collateral management [26][27] Efficiency and Technology - **1GS 3.0 Initiative**: A comprehensive review of the operating model aimed at driving efficiency and growth, leveraging AI and technology to streamline processes [48][49] Talent Management - **Competitive Environment**: There is a strong demand for talent at Goldman Sachs, with a focus on retaining top performers through competitive compensation and development programs [53][54] Conclusion - **Investment Case**: Goldman Sachs is positioned for growth with a strong market share in key segments, a commitment to durable revenue growth, and favorable regulatory conditions. The firm is optimistic about its ability to drive returns for shareholders moving into 2026 [56][57]

智通财经APP获悉，高盛表示，市场普遍预期美联储将在本周的12月联邦公开市场委员会会议上，连续 第三次降息25个基点，将联邦基金利率目标区间下调至3.5%-3.75%。然而，此次降息预计将伴随"鹰 派"信号，表明未来进一步放宽政策的门槛已经提高。 高盛在一份报告中指出，此次降息的理由充分。就业市场方面，就业增长持续低于劳动力供给增长速 度，失业率已连续三个月上升至4.4%，就业市场紧张程度的多项指标普遍走弱，部分替代数据显示裁 员人数近期开始增加，构成新的下行风险。通胀方面，关税对通胀的累积影响约为0.5个百分点，剔除 关税影响后的核心个人消费支出(PCE)通胀今年已降至约2.3%，预计到2026年上半年将进一步回落至 2%，即便包含关税影响，2026年底核心PCE通胀也可能降至2.2%，通胀风险持续消退。 展望2026年，高盛指出，随着关税拖累消退和财政刺激发力，GDP增长有望温和回升，这可能有助于稳 定就业市场，但存在两大不确定性：一是当前医疗保健行业以外的就业增长已连续六个月为负，就业市 场起点疲软;二是企业日益倾向于使用人工智能削减劳动力成本，这可能抑制招聘甚至加剧裁员。 但高盛补充道，尽管降息几乎已 ...

Goldman Sachs revamps the leadership lineup of its merger advisory business in Japan, naming Satoshi Yamagata and Masateru Takechi as co-heads in its latest push to expand in the country https://t.co/HXxwbTvj99 ...

Goldman Sachs Asset Management Third Party Wealth co-head Bryon Lake and Kathmere Capital CIO Nick Ryder join CNBC’s Dominic Chu on “ETF Edge” to break down Goldman’s Innovator acquisition and how defined outcome ETFs can help investors seek income and downside protection. ...

Kathmere Capital CIO Nick Ryder and Goldman Sachs Asset Management Third Party Wealth co-head Bryon Lake join CNBC’s Dominic Chu on “ETF Edge” to break down Goldman’s Innovator acquisition and how defined outcome ETFs can help investors seek income and downside protection. ...

Market Trends & Strategic Acquisitions - Goldman Sachs Asset Management (GSAM) recognizes the growing trend and client demand for active ETFs, particularly in the defined outcome space [2][3][6] - GSAM acquired Innovator Capital Management to accelerate its growth in the defined outcome ETF market [3][4] - The defined outcome ETF market is projected to grow significantly, potentially increasing by 4 to 5 times over the next five years [7] Product Focus & Investor Needs - Defined outcome ETFs address specific investor needs, such as income generation, downside protection, and growth [6] - These ETFs provide equity exposure with built-in downside protection, fitting into a "risk-aware growth" investment strategy [10] - Investors are increasingly using defined outcome ETFs in their portfolios as part of a critical path of innovation [7] Cost & Operational Efficiency - ETFs offer operational ease and scalability, allowing for consistent portfolio construction across multiple clients [12] - ETF costs are becoming more reasonable and competitive with separately managed accounts (SMAs) that use option overlays [12][13] - The ETF wrapper provides benefits such as intraday liquidity and transparency, enhancing investor comfort [16] Adoption & Usage - Independent registered investment advisors (RIAs) are showing increased interest in actively managed ETFs that target specific outcomes [18][19] - Defined outcome buffer products are used alongside other strategies like covered calls or trend-following equities to manage risk [20] - These products help clients maintain discipline and conviction during market downturns, improving long-term investment success [21][22]

Core Viewpoint - Goldman Sachs has made a significant investment in the ETF market by agreeing to acquire Innovator Capital Management for approximately $2 billion, aiming to enhance its product offerings in defined outcome ETFs [1][2]. Group 1: Acquisition Details - The acquisition of Innovator Capital Management will expand Goldman Sachs Asset Management's (GSAM) capabilities in actively managed ETFs, particularly in defined outcome and income-oriented ETFs [2][3]. - The defined outcome ETF category has been experiencing rapid growth, with a cumulative average growth rate of about 60% over the past five years, and projections suggest it could grow four to five times in the next five years [5]. Group 2: Market Demand and Product Features - There is a strong demand for defined outcome ETFs, as clients are increasingly seeking investment solutions that provide better outcomes and risk management [3][4]. - The Innovator Defined Wealth Shield ETF (BAL), which tracks the S&P 500 with performance limits, has outperformed the S&P 500, demonstrating its value in providing smoother investment experiences [6][7]. Group 3: Investment Strategies and Innovations - Defined outcome ETFs offer various strategies, including income enhancement and downside protection, making them versatile tools for investors looking to navigate market volatility [9][10]. - The defined outcome space is expected to see further innovations, including dual directionals and auto callables, which have traditionally been used by institutions but are now being made available through ETF technology [10][11].

Core Viewpoint - The M&A (Mergers and Acquisitions) market is experiencing a resurgence, driven by ample liquidity, attractive credit spreads, and renewed confidence among corporate boards [1] Group 1: M&A Market Dynamics - The M&A engine is described as "finally humming again," indicating a significant uptick in activity within the sector [1] - Liquidity in the market is reported to be flush, suggesting that there is a substantial amount of capital available for investment [1] - Credit spreads are noted to be attractive, which may incentivize companies to pursue acquisitions [1] - There is a notable return of boardroom confidence, which is crucial for driving M&A decisions [1]