The Goldman Sachs Group, Inc. (GS) Q3 2022 Earnings Call Transcript

The Goldman Sachs Group, Inc. (NYSE:GS.PK) Q3 2022 Earnings Conference Call October 18, 2022 9:30 AM ET

Company Participants

Carey Halio - Head, Investor Relations

David Solomon - Chairman and Chief Executive Officer

Denis Coleman - Chief Financial Officer

Conference Call Participants

Glenn Schorr - Evercore ISI

Steven Chubak - Wolfe Research

Ebrahim Poonawala - Bank of America

Christian Bolu - Autonomous

Betsy Graseck - Morgan Stanley

Michael Mayo - Wells Fargo Securities

Brennan Hawken - UBS

Devin Ryan - JMP Securities

Daniel Fannon - Jefferies

Matthew O'Connor - Deutsche Bank

Gerard Cassidy - RBC Capital Markets

Jeremy Sigee - BNP Paribas

Operator

Good morning. My name is Katie and I will be your conference facilitator today. I would like to welcome everyone to The Goldman Sachs Third Quarter 2022 Earnings Conference Call. This call is being recorded today, October 18, 2022. Thank you.

Ms. Halio, you may begin your conference.

Carey Halio

Good morning. This is Carey Halio, Head of Investor Relations at Goldman Sachs. Welcome to our third quarter earnings conference call. Today, we will reference our earnings presentation, which can be found on the Investor Relations page of our website at www.gs.com. Note, information on forward-looking statements and non-GAAP measures appear on the earnings release and presentation. This audiocast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent.

I am joined this morning by our Chairman and Chief Executive Officer, David Solomon; and our Chief Financial Officer, Denis Coleman. Let me pass the call to David.

David Solomon

Thanks, Carey, and good morning, everybody. Thank you for joining us today. Let me start by saying a few words on the operating environment. Global economy continues to face significant headwinds. Inflation remains high. Central banks are raising interest rates at a pace not seen in decades. Meanwhile, equity markets are well off the recent highs. Geopolitical instability and energy shocks are an ongoing concern and GDP growth expectations are declining. Many of these trends accelerated towards the end of the quarter. For example, while our own financial conditions index has indicated steady tightening all year, we saw a sharp increase in the index starting in mid-August. Everywhere I go, macro themes dominate. My conversations with CEOs, they tell me that they are rethinking business opportunities and would like to see more certainty before committing to longer term plans.