不过，Waldron也表示，美国经济仍显示出强劲的迹象。"我不得不说，美国经济和美国消费者展现出了 极强的韧性，"他补充道。"这对我来说有些出乎意料，但我认为必须承认，当前经济的韧性相当明 显。" 高盛集团总裁John Waldron指出，美国财政部借款增加正在推高利率，尤其是收益率曲线的较远端。这 使得美国政府的借款成本上升，加剧了财政赤字扩大以及整个经济体系中借贷成本上升的风险。 Waldron对长期前景的谨慎也得到了高盛副董事长、原达拉斯联储主席兼原首席执行官卡普兰（Rob Kaplan）的呼应。卡普兰表示，比起联邦基金利率，高盛的客户更关注的是10年期国债收益率。 ...

高盛集团总裁John Waldron仍试图安抚投资者，称他对首次公开募股的前景持乐观态度。 "我们上周完成了8个IPO定价，这算是一个相当不错的信号，说明市场正在开始回暖。" ...

Group 1 - The current operating environment is experiencing significant disruption due to changes in U.S. policy, particularly under the Trump administration [3] - The trade policy has shifted from a maximalist approach to a more manageable framework, although higher tariff levels remain [3] - The transition from a maximalist to a more manageable trade policy is expected to involve volatility, including individual tweets on tariffs and potential legal challenges [3]

高盛卡普兰：很多客户都将注意力集中到美国政府的债务问题上。 ...

高盛副董事长卡普兰：美联储今年可能不会降息。 ...

27 May 2025 | 10:02PM EDT Global: GS Economic Indicators Update: Growth Signal From Soft Data Improves in the US Please find an update of our proprietary global economic indicators below. The data behind these exhibits can be downloaded here. Interactive charts can be found on our living page here. Chart of the Week Exhibit 1: The Growth Signal From US Soft Data Has Improved on the Back of a Better Trade Policy Outlook -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 -2 -1.5 -1 -0.5 0 0.5 1 1.5 2 2.5 3 2023-06-01 2023-0 ...

Financial Data and Key Metrics Changes - The company is experiencing a shift towards a more manageable tariff framework, with effective tariff rates increasing from 2% to between 10% and 15% since the Trump administration began, leading to expectations of slower growth and higher inflation, termed "slowflation" [6][10][12] - The company anticipates larger budget deficits and increased US Treasury borrowing, which may impact the cost of capital and economic growth [10][11] Business Line Data and Key Metrics Changes - Investment banking engagement levels remain strong despite macro uncertainties, with a resilient M&A market showing pent-up demand [25][42] - Capital markets activity has slowed in April but has seen a recent pickup in equity capital markets and high-yield capital markets [26][48] - The asset and wealth management segment is positioned for growth, with management fees exceeding $10 billion and private banking revenues growing at a 13% CAGR [65][66] Market Data and Key Metrics Changes - The M&A market for transactions above $500 million is up 30% year-to-date, indicating resilience despite recent volatility [43] - The global private capital AUM is projected to grow from $13 trillion to $23 trillion over the next five years, creating significant financing opportunities [80] Company Strategy and Development Direction - The company maintains a consistent strategy focused on "One Goldman Sachs," emphasizing client-centricity, holistic service, and long-term relationships [30][31][32] - The Capital Solutions Group has been established to unify wholesale financing businesses, enhancing origination and risk management capabilities [69][70] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the resilience of the US economy and consumer despite the challenging macro backdrop, with a focus on execution and growth opportunities [9][14] - The company is cautiously optimistic about the investment banking pipeline and sees potential for increased activity as market conditions stabilize [41][49] Other Important Information - The company is focused on risk management, maintaining heavy liquidity and significant capital buffers in response to elevated market volatility [21][22] - The firm is actively monitoring leverage in the public sector as a potential risk area, particularly in light of increased government borrowing [23][24] Q&A Session Summary Question: How is Goldman Sachs managing risk in the current environment? - The company emphasizes a strong risk management culture, with experienced risk managers and a focus on preparation before risk events occur [17][18] Question: What is the outlook for investment banking activity? - Despite a slower second quarter, the investment banking pipeline remains strong, with resilience in the M&A market and a positive bias for transactional activity [25][42] Question: How does Goldman Sachs view its competitive position in the markets business? - The markets business has shown significant resilience and growth, with a strong financing footprint and improved client relationships contributing to higher wallet share [51][52] Question: What are the growth opportunities in asset and wealth management? - The firm sees substantial growth potential in alternatives, ultra-high-net-worth wealth management, and third-party wealth solutions, with a focus on integrated service offerings [58][60][63]

高盛总裁约翰·沃德朗：已为公司300个核心职位制定了继任计划。 ...

高盛总裁约翰·沃德朗：预计将节省部分短期成本。 ...