Blankfein urges ‘dial back’ on negativity over economy

LLOYD Blankfein, the Goldman Sachs Group senior chairman, said people should “dial back a bit” on their negativity following a series of corporate warnings on the economy. 

His comments came the same day that Elon Musk said Tesla will cut its salaried workforce by 10 per cent, and Reuters reported that the automaker’s chief executive officer told some managers he had a “super bad feeling” about the economy. 

Executives from JPMorgan Chase & Co’s Jamie Dimon to Citigroup’s Jane Fraser and Gary Friedman, head of furniture retailer RH, this week cautioned investors to be wary of an economic downturn. Last month, Blankfein himself urged companies and consumers to gird for a US recession, saying it is a “very, very high risk”. 

The former Goldman CEO said Friday (Jun 3) while these are “riskier times”, the economy “may yet land softly”. BLOOMBERG