Goldman Sachs (GS) Presents at the Bank of America Merrill Lynch Future of Financials 2016 Broker Conference (Transcript)

Nov. 15, 2016 1:50 PM ETThe Goldman Sachs Group, Inc. (GS)
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Goldman Sachs Group, Inc. (NYSE:GS) Bank of America Merrill Lynch Future of Financials 2016 Conference November 15, 2016 10:00 AM ET


Harvey Schwartz - EVP and CFO

Harit Talwar - Head of Digital Finance


Mike Carrier - Bank of America Merrill Lynch

Mike Carrier

I'm Mike Carrier and I am the broker asset manager and exchange analyst here at Bank of America Merrill Lynch. Before we get started with our next session I just wanted to throw up one of the audience polling questions just given the environment over the past week. So based on the backdrop and the election outcome what's your outlook for the capital markets over the next one to two years? So one, little to no change in regulation, flattish revenues and stable returns. Two, little to no change regulation but improving revenues, 5% in returns, 10% plus with GDP growth. Three, modest improvement in regulation, revenues 5% to 10% and returns 10% to 12%. Significant improvement in regulation, revenues 10% plus and returns 12% plus. I will give you five seconds.

All right and the results. So the vast majority 56% modest improvement in regulation with revenues 5% to 10% and returns 10% to 12% and then second is significant improvement in regulation with revenues at 10% plus and returns 12% plus. All right thanks for that. So it's my pleasure to introduce our next company Goldman Sachs and presenting today is Goldman's Chief Financial Officer, Harvey Schwartz and Head of Digital Finance, Harit Talwar. Harvey has been in his current role since 2013 and prior to that he was Global Co-Head of the Securities Division and in addition he sits on the firm wide risk regulatory reform and capital committees among others. Harit joined the firm in 2015, and is leading Goldman's Digital Consumer Banking Initiative which has created a lot of interest in the industry.

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