This is Exchanges of Goldman Sachs, where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Seward, global head of corporate communications here at the firm.

Our guest today is Ashok Vardan, global co-head of our global markets division.

We'll talk to Ashok about the big shift in the

financial services industry over the past month, particularly in trading where he works,

as well as takeaways from his division's performance over the past quarter and what those trends might signal.

Our earnings were released this morning, so it's been a busy day here at Goldman.

Thanks for taking the time to be with us Ashok and welcome to the program.

Thanks, Jake, honor and privilege to be joining you. So before we get into

everything that's going on today, you've obviously seen your fair share of economic crises and

financial market meltdowns. Characterize for us what you're seeing this time, what's the same, and what's a little different.

Wow, so I would say, you know, certainly with respect to the increase in volatility,

I think those are things that we've seen before that happens

any time you end up getting sort of volatility in the economic cycle.

You'll end up getting sort of corresponding volatility in asset prices.

I think what's markedly different about this is just the rapidity which with the

onset of this pandemic basically spread and you know became so immediately sort of everyone's sort of central

thinking and and central you know economic behavior coupled with the

rapidity with which asset crisis fell so I think if you were to go back again sort

of the you know people go back and make

comparisons to the financial crisis I think something from you know from the end of

07 to the low that we got to in March of 09 you know you're talking about

...