Goldman COO Waldron on Strategic Realignment, Cost Cuts

The transcript covers Goldman Sachs' strategic realignment and Investor Day updates, focusing on their 2.0 strategy, which integrates global banking and wealth management. It highlights the firm's asset and wealth management scale, consumer business profitability plans, and cost efficiency measures. The discussion also touches on maintaining firm culture and the impact of macroeconomic changes on risk appetite.

What was the main focus of Goldman Sachs' strategic realignment discussed during the Investor Day?

• Expanding into new markets

• Increasing headcount

• Aligning businesses for durable returns

• Reducing operational costs

What are the two market-leading businesses highlighted in the Goldman 2.0 strategy?

• Retail banking and insurance

• Global banking and markets, and asset and wealth management

• Healthcare and energy

• Real estate and technology

In the context of asset and wealth management, what unique feature does Goldman Sachs claim to have?

• Top player in passive asset management

• Most diversified investment portfolio

• Scale in both active asset management and global alternatives

• Largest number of retail clients

What is the target year for Goldman Sachs to achieve profitability in their platform solutions segment?

• 2026

• 2024

• 2023

• 2025

How does Goldman Sachs plan to utilize the billion dollars in cost efficiencies?

• Distribute as bonuses

• Reinvest into core franchises

• Expand into new markets

• Increase marketing budget

What was a significant concern among Goldman Sachs' partners during the off-site meeting?

• The reduction in headcount

• The expansion into new markets

• The timeline for platform solutions profitability

• The firm's investment in technology

Which macroeconomic factor is causing concern among Goldman Sachs' corporate clients?

• Decreasing consumer spending

• Persistent inflation

• Rising unemployment

• Fluctuating currency rates