Goldman Sachs CEO: A Good Chance of a Recession 10/18/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 18 October 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

In an extended interview, Goldman Sachs CEO David Solomon discusses the bank’s planned reorganization, as well as how 2022’s market volatility has affected his company’s bottom line in its third quarter financial report. Solomon looks ahead to the “choppy markets” that could affect portfolios in the coming months, and considers the benefits of his bank’s return-to-office policy. Plus, UK Prime Minister Liz Truss faces national frustration with her leadership, and reportedly, President Biden’s preparing to sell oil from the U.S. emergency reserve. In this episode: David Solomon, @DavidSolomon Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Becky Quick @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.
0:09.0	An extended interview with Goldman Sachs CEO and friend of the Squock team David Solomon.
0:14.4	If I take a walk up from Soho on Sunday morning,
0:16.6	can I come knock on the window?
0:17.5	I might stop by here.
0:18.6	There's a Taco Bell over here.
0:20.0	We can have some coffee.
0:21.2	He's taking a look at the markets at his business
0:23.6	and at his client's portfolios.
0:25.4	I think it's a time to be cautious.
0:26.8	I think you have to expect that there's more volatility
0:29.5	on the horizon.
0:30.6	And a warning for your own strategy straight from Wall Street.
0:34.0	And the distribution of outcomes, there's a good chance we could have a recession.
0:38.0	That big interview plus political volatility for the UK and its embattled Prime Minister Liz Tross, and no man should have all that power, so he's losing it.
0:47.0	Kagnay West's volatile weak and a deleted tweet from Elon Musk.
0:51.0	Being even in the same image with Conde West at this very moment
0:54.8	is not the greatest of all looks.
0:57.6	It's Tuesday, October 18, 2022.
1:00.9	Squack-Pod begins right now.
1:03.4	Stand Becky by in three, two, one, fuel, please.
	...

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