Tax Reform, Bitcoin and the Year Ahead for Financials

Goldman Sachs Exchanges

Goldman Sachs

Business

4.4 • 1K Ratings

🗓️ 14 December 2017

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

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Summary

Banks in the United States are well-positioned to benefit from corporate tax reform, says Goldman Sachs Research's Richard Ramsden. What's less clear is how they'll continue to fend off challenges from technology companies, which have already made inroads in certain businesses, like payments. Richard shares his outlook for the sector heading into 2018, talking through the regulatory and technological changes that are on everyone's minds - including what bitcoin means for banks. This podcast was recorded on December 11, 2017. All price references and market forecasts correspond to the date of this recording. This podcast should not be copied, distributed, published or reproduced, in whole or in part. The information contained in this podcast does not constitute research or a recommendation from any Goldman Sachs entity to the listener. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any listener is not to be taken as constituting the giving of investment advice by Goldman Sachs to that listener, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2017 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 shaping markets, industries, and the global economy.
0:14.8	I'm Jake Seaward, global head of corporate communications here at the firm.
0:18.4	Over the past year, the U.S. financial sector has enjoyed a significant rally, outpacing the broader S&P 500,
0:24.7	with investors seeing the industry as a particularly beneficiary of planned deregulation
0:28.7	by the new administration and tax reform.
0:31.9	To find out what's next, we're fortunate to be joined by Richard
0:34.3	Ramston who's been covering the financial space for the firm for more than 20 years.
0:37.8	Richard covers US banks except for Goldman Sachs of course and he also serves as business unit
0:44.1	leader of the financials group for Goldman Sachs research. Richard
0:47.0	welcome to the program. Thank you for having me. So you just hosted the
0:51.5	Goldman Sachs Financial Services Conference, which brings together
0:54.8	investors in the heads of some of the largest companies in the sector.
0:58.3	What stood out to you from the discussion over the two days of that event?
1:02.2	So I would say there were four themes that came out of the conference.
1:05.0	The first is technology and just how rapidly technology is reshaping the financial services sector.
1:12.0	We're seeing a very rapid adoption of new technologies, not just by
1:16.9	millennials but by people in their 50s and 60s, and that's really getting banks to
1:21.5	go back and rethink what the value of things like
1:25.0	branch-based distribution is.
1:27.4	So in many ways what we're seen in the banking sector is very similar to what we're seen
1:31.9	in other sectors like retail where consumer preferences in terms of how they're interacting with their providers is just evolving at a very rapid rate.
1:40.0	The second theme was corporate tax reform. This is obviously a very important theme not just for banks but for the market more broadly.
	...

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