Welcome to our exchanges of Goldman Sachs markets update for Friday July 17th.

Each week we check in with leaders across the firm to get their quick take on what they're watching in markets.

I'm Jake Seawert, Global Head of Corporate Communications here at the firm.

And my guest today is Jim Esposito, Global Cohead of our Global Markets Division.

Jim will talk about the once in a lifetime quarter that just wrapped up,

historic by any measure, the way that trading and client relationships have changed

since the pandemic began, and what he's focused on next.

Jim, welcome to the program.

Thanks for having me, Jake.

I hope you're keeping safe and seeing.

As best I can.

Let's start big picture with how you'd characterize the second quarter. We had a

serious financial crisis that began late in the first quarter of dramatic switch to

remote trading for your business and a lot of volatility.

As you look back on the quarter,

how do you think you'll remember what happened?

Yeah, Jake, I've been at the firm now

for a large number of years, and so I've had a front row seat to numerous, you know, difficult and

challenging periods for global markets and when I think about the arc of my

career across these challenging periods, while there are some similarities, each one of these is unique and very different in terms of what characterizes a volatile market.

I suppose in many ways, you know, while history doesn't repeat, it oftentimes does rhyme.

And so when I think about this period, for me this quarter was about Goldman Sachs demonstrating a lot of grit. It was a very gritty performance and that's true for our people but it's also true when I think about our technology resilience.

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