David Solomon’s Post

There’s significant client focus on artificial intelligence right now because the implications for productivity and efficiency are enormous. We’re still early in the journey, but if you think about the amount of capital necessary to finance the build-out of data-center capacity and infrastructure, there’s no question it’s a big opportunity. Our focus is on helping our clients think strategically about the future and giving our people tools to increase efficiency so they can be even more productive for our clients.    Thanks, CNBC Squawk Box, for having me on during this week's Milken Institute Global Conference.

Today marks a special anniversary for Goldman Sachs. It was 25 years ago, on May 4, 1999, that the firm became a public company in what was then the second-largest IPO in the history of US finance.    It was a big moment. By the late 1990s the firm was one of the last investment banks in the US to be privately held. After debating every side of the issue, the firm’s partners ultimately voted to undertake the same transformation through which Goldman Sachs had guided thousands of its clients over the years.    When I think about how much has changed since then, what’s remarkable is how much has stayed constant: our core values, our partnership ethos, and the caliber of our people. Even during periods of extraordinary change, we continue to operate at the center of markets as the preeminent global investment bank, and in the years ahead, we’re committed to growing our business platforms in depth and breadth to address our clients’ evolving needs. The spirit of entrepreneurship, risk management and innovation from our early beginnings remains at the core of the firm even now, and I couldn’t be more excited for the future of Goldman Sachs. gs.com/IPO25

We recently held our annual shareholders’ and Board of Directors meetings in Salt Lake City. Governor Spencer Cox graciously hosted us for a dinner at the governor’s mansion, where we were joined by our board, clients and community members. The Salt Lake City region has been integral to the firm's success since we opened our first office there in 2000. The area is a major talent hub, and today, Salt Lake City is our 3rd largest office in the US. In addition, since 2009, Goldman Sachs has committed over $1.5 billion in capital in Utah through our Urban Investment Group, which has helped finance over 8,600 housing units, most of which qualify as affordable housing, as well as 600,000 square feet of commercial, retail and industrial space. In the years ahead, I am excited to grow the firm's presence here, and we are committed to deepening our investment in the community and our people.

We have long been committed to addressing critical environmental issues, beginning in 2005 with our inaugural Environmental Policy Framework where we were one of the first financial institutions to recognize the scale and urgency of the challenges posed by climate change. Read more from Goldman Sachs’ 2023 Sustainability Report: https://lnkd.in/g98FTxGs

I want to commend the 153 incredible students who participated in the fourth Goldman Sachs Market Madness: #HBCU Possibilities Program. Representing 12 HBCUs, they competed in a case study competition where they had to devise and pitch an innovative solution for Nike. The program is part of our $25 million commitment to HBCUs and provides the next generation of talent with hands-on training in the fundamentals of finance, mentorship, and opportunities to network with the people of Goldman Sachs.   This week, after months of preparation, we held the final competition at our New York headquarters, where schools and students were awarded $5 million in grants and scholarships. Congratulations to Victoria, Makhi, Olivia and Symone from Spelman College for winning first place, and thank you to all of this year's participants – we hope to see many of you back at Goldman Sachs.

Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.

I had the opportunity to visit with and hear from our employees in our Beijing office last week. I always enjoy visiting China and hearing first-hand from our clients about their perspectives on the local economy. The public narrative is around a transition to a different kind of growth, one that’s more sustainable and consumer-driven. 

My colleague Asahi Pompey and I had the pleasure of meeting with students from Spelman College, Morehouse College, and Clark Atlanta University last week at the Atlanta University Consortium (AUC) Recruiting event. Historically Black colleges and universities (HBCUs) have played an essential role in the education of Black Americans for more than 185 years and are an indispensable talent pipeline for the firm. During our fireside chat, Asahi and I talked about the wide range of career opportunities in finance as well as our goal of doubling the number of incoming new hires from HBCUs by 2025. We’ve committed $25 million to HBCUs to provide access to the firm and our people through HBCU Market Madness, our four-month training program in finance fundamentals. Thank you to the students for a great conversation and to Spelman President Dr. Helene Gayle for welcoming us.

Today we published our annual report, and as I note in my letter to shareholders, in 2023 we worked together to refocus the firm’s strategy, while at the same time strengthening our core businesses and serving our clients with excellence. I’m confident that, if we continue to serve our clients well, we will build on last year’s progress and position the firm to deliver strong returns for shareholders. The changing environment and our streamlined strategy are ushering in a new chapter for the firm. When I think about the strength of our market position, the depth and breadth of our client franchise, and the caliber of our people, I couldn’t be more excited about the future of Goldman Sachs.

If you want to have a world-class business, you need to have world-class software, and that means cleaning your code to keep it secure. That was just one of the insights shared during my talk with the CEO and co-founder of SonarSource, Olivier Gaudin, at our ninth annual Disruptive Technology Symposium last week. He made a good argument for why companies should “clean as you code” and always put themselves in the customer’s shoes.   Olivier, thanks for sharing your insights.