Goldman Sachs CEO David Solomon says he thinks inflation will be sticky and “anyone running a business has to be prepared for kind of a bumpy 12-18-24 months.”
"The real story of opportunity for growth for us in the coming years is around asset management and wealth management," Solomon told CNBC's Andrew Ross Sorkin. Solomon added that Goldman was already the fifth biggest active asset manager in the world.
"There's real opportunity across the firm for us to continue to make the firm more durable," Solomon said. He also acknowledged that the company didn't "execute well" on parts of his consumer push, but added that management would reflect and learn from the episode.later Tuesday. The firm released a slideshow for the event online, in which it gave updated targets for growth in its asset and wealth management division and a 2025 breakeven target for its money-losing platform solutions division.
It also reiterated its target for 15% to 17% return on tangible equity, a key metric tracked by bank investors.
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