Goldman Sachs 2Q17 Earnings Call Notes

Martin Chavez – CFO

Rising market values and low volatility

“many of the themes that we discussed during the first quarter continued into the second, rising market values and low volatility. On one hand, rising market prices were supportive of capital markets activity, investment management performance and our investing and lending activities…On the other hand, low levels of volatility sequentially lower in several fixed asset classes, negatively affected the FICC environment.”

CEOs are confident

“I look at the backlog and really, it’s driven primarily by underwriting but looking at banking broadly I would say the CEOs are confident, the conversations are happening all the time and strategic M&A in the U.S. those discussions are occurring especially in technology and consumer retail in natural resources in Europe. I would say it’s hard to predict given the Brexit uncertainty there is healthy activity and we certainly see opportunities in Europe for debt underwriting. In Asia, we’re still seeing the trend of Chinese buying and international assets. And we remain optimistic over the long-term and as for the debt markets again no predictions here other than to note what we all know which is that trends in rates, and spread and volatility in M&A activity all drive demand for issuance.”