Goldman Sachs CEO David Solomon noted the company's openness to acquisitions in asset and wealth management but emphasized a careful, discerning approach to any potential deals. Speaking at the UBS financial services conference in Miami, Solomon stated, "If we could find things that could accelerate our asset and wealth management journey, we would consider them," underscoring the high standards the company sets for significant investments.
In a strategic shift, Goldman Sachs has divested assets in response to losses in the consumer business under Solomon's leadership. The firm has refocused on core areas like investment banking and trading while prioritizing growth in asset and wealth management.
Solomon expressed expectations for a growth-oriented agenda from President Donald Trump's administration, though he acknowledged the complexity of current policy directions. He highlighted the positive impact of a supportive regulatory environment but cautioned about uncertainties amid shifting policies leading to market volatility.
Market reactions to tariff announcements have been turbulent, reflecting investor attempts to interpret Trump's economic strategies. Goldman Sachs exceeded expectations in the fourth quarter, achieving its highest earnings in over three years driven by increased deal fees and trading performance. The firm reported a net income of $4.11 billion in the fourth quarter.
To retain Solomon's leadership for another five years, the company awarded him an $80 million stock bonus, marking a significant turnaround for a leader once doubted following the unsuccessful expansion into retail banking.