Goldman’s CEO sees ‘slower’ trajectory for talent growth
This comes even as he makes an upbeat call on global markets as a de-regulatory tone boosts optimism
[HONG KONG] Goldman Sachs Group chief executive officer David Solomon said he sees a “slower” trajectory for talent growth this year, even as he made an upbeat call on global markets as a de-regulatory tone boosts optimism.
“It’s probably a bit more constrained in 2026, we see opportunities for efficiency and we try to deploy those,” he said in an interview with Bloomberg Television in Hong Kong.
He added: “Those efficiency opportunities give us more of an opportunity to invest in parts of our business where we can scale growth, and some of that growth scales with additional headcount.”
He pointed to the company’s wealth management business as one area that may scale with people all over the world.
US bank profits and stocks surged last year as officials eased regulation.
Under Solomon’s leadership, Goldman posted record revenue in its banking and markets division, and record management fees in its asset-management business. The Wall Street bank boosted Solomon’s pay to US$47 million, his biggest award.
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He said that this year will see strong merger activity and capital markets, as CEOs have been “unleashed” to invest in their businesses, in particular with the US administration as well as Europe, easing regulatory burdens.
The administration is “open for business” and Goldman has a “very good” relationship with Washington, he added.
Since taking office again last year, US President Donald Trump has sought retribution against his perceived political enemies and his clash with Wall Street is deepening.
He sued JPMorgan Chase and its CEO Jamie Dimon for at least US$5 billion, over allegations that the lender stopped offering him and his businesses banking services for political reasons.
Trump has also in the past mocked Solomon on social media, suggesting that he focus on his hobby as a DJ.
The global banks have been treading a line to avoid antagonising Trump.
US Treasury Secretary Scott Bessent said on Jan 21 that Deutsche Bank chief executive officer Christian Sewing called him to dismiss a report from one of the German lender’s analysts, that had suggested that Europe may become less willing to hold US assets.
Solomon said it was important to ignore the “noise” and look for ways to grow, even as he warned of potential “speed-bumps” because of what is going on geopolitically.
On Jan 17, Trump threatened to impose tariffs on eight European countries in his bid to gain control over Greenland, a semi-autonomous territory that is part of the Kingdom of Denmark, only to back down.
His brinkmanship touched off a diplomatic crisis with Europe and unnerved financial markets.
While China has opened its financial markets over the past years, rising tensions between Beijing and Washington have made it harder for the Wall Street banks to navigate the world’s second-largest economy.
Now, a rebound in Hong Kong’s initial public offering (IPO) market and a return of global investors to Chinese equities is helping to boost business in the region.
Hong Kong will likely have a good year for IPOs, while also emphasising that there will be more activity in the US and Europe as well, Solomon noted. BLOOMBERG
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