The Goldman Sachs Group, Inc. (GS) CEO David Solomon on Q1 2022 Results - Earnings Call Transcript

The Goldman Sachs Group, Inc. (NYSE:GS.PK) Q1 2022 Earnings Conference Call April 14, 2022 9:30 AM ET

Company Participants

Carey Halio - Head of Investor Relations

David Solomon - Chief Executive Officer

Denis Coleman - Chief Financial Officer

Conference Call Participants

Glenn Schorr - Evercore

Christian Bolu - Autonomous

Steven Chubak - Wolfe Research

Betsy Graseck - Morgan Stanley

Mike Mayo - Wells Fargo

Brennan Hawken - UBS

Devin Ryan - JMP Securities

Dan Fannon - Jefferies

Gerard Cassidy - RBC

Jim Mitchell - Seaport Global

Andrew Lim - Societe Generale

Operator

Good morning. My name is Erica, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs First Quarter 2022 Earnings Conference Call. This call is being recorded today, April 14, 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 first 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 statement and non-GAAP measures appear on the earnings release and presentation. This audio cast is copyrighted material of the Goldman Sachs Group, Inc. and may not be duplicated, reproduced or rebroadcast without our consent. I'm joined today by our Chairman and Chief Executive Officer, David Solomon, and our Chief Financial Officer, Denis Coleman.

Let me now pass the call to David.

David Solomon

Thanks, Carey. Good morning, everyone. Thank you all for joining us this morning. There's no question the first quarter was extremely volatile. Russia invaded Ukraine, inflation rose across the globe, and we saw an accelerating trend towards de-globalization.

In recent decades, we've grown used to low inflation, low interest rates and the free flow of people and goods across national borders. I believe we're entering a period that won't be -- that won't be the case and the consequences for financial markets will be meaningful.

Although, much remains uncertain, I'm proud that Goldman Sachs effectively supported its clients in this type of environment. This is a testament to the progress we've made to center our strategy around clients.

At a time of great volatility it was clear, our clients needed help managing their risk, and they turn to us for our expertise in navigating this changing landscape. The recent turbulence is nothing to change our firm's client-oriented strategy.