Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI
There's a lot of debate about the future of AI — not just whether it will produce the returns investors are expecting, but also if AI will lead to mass worker displacement. Big banks are the perfect prism through which to explore some of these questions. Not only are they deploying AI very quickly, but they have a wide range of workers who are using the technology, from back-office employees to junior analysts to the most senior investment bankers. In this episode, we speak with David Solomon, chairman and CEO of Goldman Sachs, about the impact of AI on the banking business, and why he does not predict a major white collar wipeout. We talk about the outlook for headcount, current conditions in capital markets, and the bank's role in the upcoming SpaceX IPO and Alphabet's historic equity capital raise. He also tells us about his early career in junk bonds and (because of his love of electronic dance music) how AI is transforming music production.
Read: Anthropic Picks Morgan Stanley, Goldman Sachs to Lead IPO
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David Solomon & Ben Horowitz on Building Organizational Resilience & Navigating Macro Uncertainty
a16z general partner David Haber spoke with Goldman Sachs CEO David Solomon and a16z cofounder Ben Horowitz on the current macro environment, enterprise AI adoption, and crypto and AI policy. Solomon describes what he calls the "sweetest spot" he's seen in 40 years and explains Goldman's "One GS 3.0" initiative to reimagine core processes with AI. Horowitz discusses why "leads aren't what they once were" in AI and how a16z grew from a startup VC to capturing 18% of all US venture capital.
Resources:
Follow David Solomon on X: https://twitter.com/DavidSolomon
Follow Ben Horowitz on X: https://twitter.com/bhorowitz
Follow David Haber on X: https://twitter.com/dhaber
Timestamps:
00:00 — Introduction
02:09 — Goldman's Evolution from Partnership to Public Company
08:54 — How a16z Went from Top Tier to 18% of All US Venture Capital
15:33 — "As Sweet a Spot" as Solomon Has Seen in 40 Years
19:00 — M&A Outlook: "Whatever the Question Is, the Answer Is Maybe"
21:33 — Why Leads Aren't What They Once Were in AI
23:03 — Crypto Policy: The Genius Act and Clarity Act
25:24 — AI Policy: "Don't Regulate Math"
28:03 — One GS 3.0: Reimagining Processes with AI
32:54 — Will AI Agents Change Investing?
34:00 — Favorite DJ
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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.
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Follow our host: https://twitter.com/eriktorenberg
Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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Recode Decode: Rockfeller Foundation president Raj Shah and Goldman Sachs CEO David Solomon (Live at Code 2019)
In these interviews from the 2019 Code Conference, Rockfeller Foundation president Raj Shah and Goldman Sachs CEO David Solomon talk with Recode's Teddy Schleifer.
In the Shah interview: Rising inequality and the limits of private philanthropy; the growing scrutiny of wealthy endowments like Rockefeller; are "opportunity zones” just a tax giveaway?; what do Silicon Valley’s ultra-rich owe to people in need?; and the low percentage of billionaires who have committed to the Bill Gates and Warren Buffett's Giving Pledge.
And then, in the Solomon interview: What tech can learn from finance’s own era of backlash; how Goldman Sachs changed post-financial crisis; the state of tech IPOs after Uber and Lyft; Goldman’s and Solomon's investments in Uber; the state of M&A; partnering with Apple on its upcoming credit card; the appeal of the Goldman Sachs brand to millennials; Eric Ries and the Long-Term Stock Exchange; China’s rising economic power and Trump’s tariffs; and diversity at Goldman Sachs.
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