From Corporate Simplification to Recovering Growth: Europe's Business Environment

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 10 September 2018

⏱️ 21 minutes

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Summary

Europe's business environment is in focus as companies simplify their corporate structure, global trade tensions continue and the tech industry faces increased scrutiny. Marc Nachmann, co-head of the Goldman Sachs Investment Banking Division, joins us to talk through how these factors and more are shaping business decisions and M&A in Europe. "CEO confidence remains quite strong in light of strong U.S. GDP growth, European growth recovering, and a pretty good consumer environment almost everywhere," Nachmann says. "So business environment is pretty good, confidence is high, and as a result, everybody's pretty open-minded to consider strategic transactions." This podcast was recorded on August 2, 2018. The information contained in this recording was obtained from publicly available sources and has not been independently verified by Goldman Sachs. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the information contained in this recording and any liability as a result of this recording is expressly disclaimed. The recording should not be relied upon to evaluate any potential transaction. Goldman Sachs is not giving investment advice by means of this recording, and this recording does not establish a client relationship with Goldman Sachs. Copyright 2018 Goldman Sachs & Co. LLC. All rights reserved.

Transcript

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0:00.0	This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries in the global economy.
0:14.2	I'm Jake Seward, global head of corporate communications here at the firm.
0:17.6	Today we're in London and we're going to be talking about the business environment in Europe
0:21.6	as companies try to simplify corporate structures, global
0:24.4	trade tensions weigh on sentiment, and the tech industry faces increased scrutiny.
0:30.6	To talk through this and much, much more, we're joined by Mark Nachman, one of the co-heads of our investment banking division.
0:37.0	Mark, welcome to the program.
0:38.0	Thank you, Jake.
0:39.0	So Mark, let's start with your clients and what you're hearing from them.
0:42.0	You are in touch with some of the CEOs of the largest. Mark, let's start with your clients, what you're hearing from them.
0:42.6	You are in touch with some of the CEOs of the largest European corporations.
0:46.9	How CEO confidence in Europe and has the sentiment here at the moment?
0:50.8	Yes, I'd say CEO confidence remains quite strong in light of strong growth in the US.
0:56.3	We have recovering growth in Europe and we have a consumer that feels pretty good across the
1:02.1	globe.
1:02.6	So as a result, everybody's pretty open-minded to do strategic transactions and think about their businesses.
1:08.8	Which industries are particularly buoyant at the moment?
1:11.6	Obviously, somewhat varied landscape here in Europe. Growth is
1:14.8	still 2%, which is high for Europe, but not incredibly high. So what industries in Europe are
1:19.8	feeling particularly confident?
1:21.2	And so if I were to point out too, I kind of point out health care
1:25.6	and then the Telecom Media Technology Cluster.
	...

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