The CEO Of Goldman Sachs Sees a High Chance Of Recession

(CTN News) – This company’s profits Goldman Sachs have fallen by 43% in the last year

Goldman Sachs CEO David Solomon predicts a recession in the United States. As we head into 2023, he stressed the need to be cautious and prepared.

Goldman Sachs CEO David Solomon warned about the direction the U.S. economy is headed in an interview with CNBC on Tuesday. Additionally, he cautioned investors.

It’s a good time to be cautious and think more carefully about your risk appetite and risk box if you run a risk-based business, he said.

To $11.9 billion, Goldman Sachs’ revenue dropped by 12%

According to the Goldman CEO, more volatility is on the horizon now, so you should expect it. Although our economic situation is challenging, that does not necessarily mean that it is extremely difficult.

According to the distribution of outcomes, a recession is likely in the United States. However, the executive pointed out that nothing fundamental had changed.

Despite changing positions, the leadership remains the same.

According to Solomon, investors need to be aware of the obstacles that lie ahead, and be prepared for the environment in 2023.

In an environment where inflation is more embedded and growth is slower, asset appreciation will be more difficult. What are the chances of them becoming entangled in a 10-year scenario?

Goldman Sachs’ head explained how energy and immigration policies will shape the US economy. In his conclusion, he believes that risk managers must prepare for a more challenging environment in 2023.

CEOs are preparing for a U.S. recession in 98% of cases

Goldman Sachs released its third quarter earnings results on Tuesday. It was still higher than the $7.69 estimate that Refinitiv surveyed analysts despite a 43% fall in profit to $3.07 billion, or $8.25 per share.

A decrease of 12 percent in revenue to $11.9 billion was also reported.

Jamie Dimon, Solomon’s JPMorgan Chase counterpart, recently warned that the U.S. economy may enter a recession in six to nine months.

Approximately 98% of CEOs said they were preparing for a recession in the United States, according to a recent survey. The economy, however, is “strong as hell” according to President Biden over the weekend.

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