Goldman Sachs 1Q17 Earnings Call Notes

Harvey Schwartz – President, Co-Chief Operating Officer

Martin Chavez

Ultimately we didn’t navigate the market well

“Having said that, we did underperform, and the underperformance was driven by commodities and currencies. Ultimately we didn’t navigate the market well, but no quarter defines the franchise. There is always things that we can do better, and it’s important to note we’re constantly analyzing our results with an eye towards continuing to improve on them.”

Cautiously optimistic on M&A advisory

“So the pipeline is good and we’re cautiously optimistic. Many of the factors that one would look for remain in place, so CEO confidence, attractive financing levels, relatively supportive equity market backdrop. So I’ll say cautiously optimistic.”

We have a Brexit plan but not taken any action

“Sure. So I think not crystal clear what all the different terms around Brexit mean, including hard Brexit. Obviously it continues to evolve. We’ve all seen Prime Minister May calling a snap election this morning, as we all know. The U.K. triggered Article 50 a couple weeks ago. We have our Brexit contingency plan in place, and as far as that plan is concerned, we’ve taken no material actions yet along that plan, and we have a plan.”