The Goldman Sachs Group (GS) Goldman Sachs 2024 U.S. Financial Services Conference summary

Macroeconomic and market outlook

• U.S. economy remains resilient with expectations for a soft landing in 2025; global inflation is being managed while sustaining growth.

• Anticipated policy changes post-election may reduce regulatory burdens, supporting risk assets.

• Rate outlook is supportive, with markets expecting a 25 basis point cut by year-end and further cuts into 2025.

• Overall environment is seen as favorable for increased activity, especially in capital markets.

Capital markets and M&A activity

• M&A activity is strong but still below 10-year averages; optimism is rising post-election.

• Regulatory easing could unlock more strategic transactions; client dialogue intensity is accelerating.

• Sponsor activity has been muted but is expected to recover in 2025 as financing conditions improve.

• IPO and ECM activity remain below historical averages but are expected to pick up in 2025.

Strategic priorities and business performance

• Focus on two core businesses: Global Banking and Markets, and Asset and Wealth Management (AWM).

• AWM is delivering high single-digit growth and improving margins, targeting mid-20s pre-tax margin.

• Progress continues in shedding consumer-related activities and reducing drag from Platform Solutions.