Goldman Sachs at Deutsche Bank Conference Notes

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David Solomon

Client activity has remained subdued

“No, look you know that we don’t provide inter quarter detail and so I’m not going to provide that. I did just make the comment that volatility, client activities which were more subdued in the first quarter kind of in these first two months have continued in a comparable fashion in the second quarter. There are obviously four more weeks left to go. You know and we know the stuff can ebb and flow. So I leave my commentary at that and we’ll see as the quarter plays out.”

CEOs have to move forward, they can’t just sit around and wait

“They have to, I mean, look we can talk about tax reforms, but I’ll tell you just in January talking to CEOs, it was less about tax reform, more about what is Donald Trump mean and very quickly CEOs got to the point where they said the administration, yes the administration might mean some different things, but we have got to move forward. If you think about the average life of the CEO, you don’t get a number of years to sit around waiting for policy changes to kind of move their growth trajectory forward. And so CEOs by nature has to act they have to move forward, they don’t spent a lot of time waiting, they take the current environment and they figure out how to do what they need to do strategically in that current environment.”

There is no question there’s a tonal change from the new administration

“Look, it’s very hard to know exactly how this will play out. And so I don’t like the idea of predicting, but there is no question there is tonal change with the new administration. The whole industry is benefits from that tonal change. And regulations are very, very important in this industry. And we can kind of understand how we got here. We had a very, very deep crisis. There was a massive amount of regulation that was really focused on safety and soundness of the system that’s good and that’s important, but it all happened quickly. It came together very there were lot of rules. And now we’re eight years out and it’s very appropriate to kind of look at all those rules and say okay what matters for safety and soundness.”