Goldman Sachs International’s Co-CEOs on Europe’s Opportunity, AI, and Market Volatility

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Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 16 March 2026

⏱️ 27 minutes

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Summary

Goldman Sachs International Co-CEOs Anthony Gutman and Kunal Shah discuss CEO sentiment, market volatility, and the case for Europe. This episode was recorded on March 12, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	One of the most consequential trends this year has been the outperformance of global equities relative to the U.S.
0:12.0	But amid the escalating conflict in the Middle East, can this trend continue?
0:16.0	And what are the implications for deal-making and IPOs?
0:19.0	I'm Alison Nathan, and this is Goldman Sachs exchanges.
0:25.9	I'm here in our London office with the two co-CEOs of Goldman Sachs International, Anthony Gutman
0:31.7	and Kunal Shah. In addition to running Goldman Sachs International, Anthony is the global co-head of
0:37.4	investment banking, and Kunal is a global co-head of Invest in banking,
0:38.6	and Kunal is a global co-head of the firm's fixed income, currency, and commodities business.
0:43.8	Anthony, Kunal, welcome to the program.
0:45.6	Thank you.
0:46.6	Great to be you.
0:47.6	So just to start, it's obviously a pretty precarious moment as the war in the Middle East continues to unfold. You both oversee
0:56.1	our business in the Middle East as part of your role leading the firm's efforts in EMEA.
1:01.8	We're two weeks into this conflict. Kuhnaul, what are your observations and how are you thinking
1:06.4	about activities in the region more broadly? Sal Alison, these are clearly unsettling times.
1:12.1	If you think about the Middle East, it's been a big strategic focus for us.
1:15.0	We've been present in those regions for several decades.
1:18.2	We have teams across the likes of Abu Dhabi, Dubai, Tel Aviv, Riyadh, Doha, Kuwait.
1:26.2	So right now, look, we're very focused on the safety of our own people.
1:31.0	In some of these countries, they've lived through similar moments, and our people are very
1:34.3	resilient.
1:34.9	They have the grit to try and get through this.
	...

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