YouSaid · the spoken record

David Solomon

lines on the record: 86
first: 2026-06-04
most recent: 2026-06-04
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, thank you for having me, guys, and I appreciate the conversation. Yeah, that was fantastic. Thank you so much. Appreciate it. Thanks absolutely.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Obviously, the technology allows you to do it faster, but without a human being, really then massaging it and tempering it. Okay, I think you're going to get at the moment, certainly mediocrity as opposed to really, really interesting resonant stuff.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, the stuff I produced, okay, it's my voice. I said, I like the way this sounds to me. So do it this way. I like the way this feels. So let's try it this way. Okay. And then you put it out there and you see whether or not anybody likes it.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, what you've got is you've got an application that's basically doing that. Okay. And I think there are a couple of big issues that need to be wrestled through with this. The first is these AI apps are using other people's content in some way. And the artists aren't getting in any way compensated for that. And I think you've got to think about how you're going to bring the artist community and their IP into discussion of this over time. And it's not gotten a lot of attention, but I think it's a very, very important, a very, very important thing that has to be dealt with. And secondly, this goes back to the whole discussion I had about voice when I was talking about my daughter and screenwriting”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, you don't need 15 different musicians. Okay, nobody's talked about the difference how technology evolved. And by the way, what it did is because Logic Pro and Ableton exist, and I'm relatively dysfunctional on the platforms. I can muddle my way around, but I need an expert to doubt maybe as they can do in three seconds what takes me 10 minutes. But what it allowed is for somebody to say to me, hey, I want this kind of a sound, okay, I didn't now have to write the musical notes down. You could basically basically take out a piano and say this chord sound, this chord progression, try it on the computer. You could say, I want this to be done in horns instead of in a piano, click. It's now horns. And you can basically put a top line together that's very interesting with a computer. A lot of the music that's produced today that we listen to is produced that way.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“I saw my first Bruce String show in 1978 The Darkness on the Edge of Town Tour. When he wrote that album, and by the way, the albums that came before had a bunch of them that came after, he sat in a studio or he sat at a piano, or he sat with a guitar, he wrote notes down on paper, he wrote lyrics down on paper, he played around with it, then he invited human beings into the studio with him that played piano, organ, drums, guitar, horns, saxophone, all different things. And they sat there, and they made the music. And somebody recorded it and it got pressed onto a vinyl album. Okay, a lot of the music that we listen to today has been made on a computer, on platforms called Logic Pro or Ableton. Which is actually how I work to produce the music that I produced. And so if you want horns, you can choose from 150 different horns.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, let's just a little bit of history about music production. Because, by the way, 30 or 40 years ago, I could never have produced music. Now, it so happens I played an instrument when I was at elementary school and high school. I played the saxophone. I can read music. I understand music theory because I played an instrument for 12 years when I was in out of college. I would call myself a recreational drummer. I mean, I could sit on a drum set and carry a 2-4B. So I understand bass music theory. Been a rock and roll guy forever. Like, I love Bruce Springsteen. Okay.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I've been playing with it. And what I'd say is what I think is cool about it. Someone who's produced a bunch of music, and I want to come back to that because I think there's an important kind of lesson to learn about history in terms of music production to where it is. I think it's super cool. But what it does is it opens up the creative channel to people that would never have an opportunity to produce music.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“More nimble, and we have the resources to do that. What I worry about is all the companies that don't have the resources to do it. And by the way, it's not just financial infrastructure. Think about energy infrastructure. The biggest utility company is going to be way ahead of the local water company in Akron, Ohio, right? And so everybody's vulnerable. And so we've got to figure out how to help people and bring people along.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“A variety of banks, you could see a cyber attack at a midsized bank creating ripples through the banking system, which will be dislocating. And so I think it's really important that we figure out how to help the broader business community get more invested. And by the way, that's something that's got to happen both by the private sector investing more, but also the government finding ways to help. So, you know, I do think that the administration's executive order to get these models is important. There's got to be coordination between the government and business on this. And I think the process will continue to get better. There are going to be more models. There's going to be more process. And, you know, we've obviously had a team that's learning, looking. We learn things, making adjustments, and we're going to continue to do that. But that's that has been a part of what we do. This might be accelerating a little bit, but it's not that different from what we've been doing for a long time. Just maybe the pace of some of the change on what these models can do is going a little bit faster. And so we've got to be.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Arkansas. Okay. And the risk in financial services, it doesn't mean that there can't be issues for the biggest banks. And the biggest banks need to constantly, constantly, constantly, constantly think about this. We invest a lot in this and we're all over this. That doesn't mean we can't have a problem. We could. But the risk is that a medium-sized bank has a problem and it creates fear in a broader group of medium-sized banks. And you don't have to look that far. If you look at SVB and how SVB had a problem and it created fear.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Understand what these models can do and to try to continue to secure our critical infrastructure as effectively as we can. Do I think that the process around this was perfect? No, but we're learning as we go, and I think there are a lot of things in the process that have been good and have been helpful. It wouldn't surprise you that just using financial services, for example, is the eight largest banks are significantly ahead on cyber investment and cyber protection over the last decade than bank number 2000 that sits in the middle of the country.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Between the Here's what I can say publicly. I think it's very important. These models are incredibly powerful. And I think it's very, very important that these companies that are producing these incredibly powerful models work collaboratively with the government and with the private sector to give people opportunities to”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“That are going to have an effect. And the market may absorb all that differently than it's absorbing it at the moment. At the moment, it's kind of brushing it aside.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm talking on average. So is the market running? Yes. Are people crowding into a handful of stocks because they're fearing of missing out? Yes, that's what I meant about the greed versus fear. But this could go for quite some time because it's narrow. And on an historical context, it doesn't look like Polaroid at 80 times earnings in the 1960s. It doesn't look like RCA at an infinite amount of time times earnings on the 1920s. So it's... Not sure is the bottom line. I'm not sure, but there's no question for a narrow group of stocks the market's really running. And we've got a lot of what's interesting to me is we have a lot of things going on in the macro, with the war, with the oil shock, supply chains, inflation getting stickier.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, you think about Cisco when its market cap was over 600 billion. So these multiples, yeah, are high, but the growth's pretty good. The earnings are real. Those numbers are on the high end of the distribution, for sure, but not crazy. The other 490, okay, are trading between kind of 17 to 20, which by the way, 20 high side, when you add it all together, it's kind of 22 times forward. A lot of it's at 17. I actually think the 17 sounds pretty attractive if you think that all these companies are going to be able to use technology. Not all of them will execute successfully, but be able to use technology to improve operating processes and create more efficiency and therefore faster earnings growth and more investment in their business. You should see over the next five years improvement in the earnings growth of that other.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Generate a lot of cash, so that's something to observe. But what I should have said is the market multiple, the earnings multiple on the top 10 companies in the S&P. These are approximate numbers, so don't hold them to be directly. I actually looked at this this morning because I thought this would come up. And so hold it as approximate. The top 10 companies are trading on forward earnings in the low 30s. In the 1990s, late 90s, 2000 internet boom, those companies were trading at more like high 40s to 50.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“But I do think it should be said because I do think I'm seeing some of that behavior that I've seen before. And people are worried about missing out on this technology boom, whether it's compute, whether it's storage, whether it's chips, et cetera. And so people are crowding in. And that is a greed thing because they want to participate in their fear of missing out. What I should have said, okay, at that moment, was all of that, but then I should have said, but, you know, it's kind of interesting because if you look at the S&P 500, the top 10 companies, which by the way, are mid to high 30s market cap and those other three periods, the top 10 companies were also in the 30s. And one of the things I have pointed out to people is these top 10 companies actually have more earnings than the companies did.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, there are there, in fact, somebody said to me recently this is unprecedented. They were talking about 10 companies that having 30 some percent of the S&P You know, waiting on a market cap base, and I was like, No, it's not unprecedented. How about the 1920s? How about the 1960s? How about the late 1990s to 2000? I made the comment yesterday at the Economic Club because I was asked about the way the stock market's running. And if you actually look at the whole segment, I said a lot more than that. And I actually said before I said it, I said, look, I'm going to say something and I know it's going to create a lot of headlines.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, a $5 billion market cap company with an $800 million IPO is just, it's the discount associated with getting that going has been less attractive to investors. And part of the reason is public capitals, but private capital has been available without a discount. But that, by the way, that could be a cyclical thing. In other words, we could see periods of time where private capital will have a bigger discount in the public market will be more efficient. And then you'll see more of those companies come to the public market. But I think fundamentally, we're going to operate with fewer public companies and the companies are going to be bigger. I mean, that's the way the market structures evolve.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“If you're giving advice to companies, and I think companies have recognized the capital's been available privately at most scale, the liquidity has been available and a variety of different ways at most scale. The currency thing is tricky, but generally speaking, with these growth companies, they don't need the currency because they're growing, they're not doing M&A. And so I think you're going to see a bunch of these companies go public because they need the capital, because they've reached the scale and they have a demand for capital where they need the capital. And I think the current SEC chairman is working on a variety of things that hopefully will take some of the friction out of going public, which will help a little bit. But at the end of the day, given the way markets work and indexation and passive funds and ETFs,”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Is really not critical. And you have to recognize that if you're running a company successfully and you don't need those things, when you take it public, you will run it differently. You will run it differently. It is different running a public company than a private company. There are different pressures. There's different life cycle of how you have to respond. You will run it differently. And so my advice has always been wait as long as you possibly can to go public.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Just not prudent. And that's why I think you're going to see a bunch of these companies go public because they actually need the capital. It's interesting. I've advised companies for years and at one point 25 years ago, I actually ran the equity capital markets business of Goldman Sachs. That was a job I had early in my career in Goldman Sachs. And I used to say to companies there are a few reasons to go public. You need the capital. You need the currency. You have to create liquidity for early investors. But all the other stuff that people talk about.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Went public in the same year as Microsoft. I mean, that's so, and by the way, that's another thing most companies don't survive. So it's just not that simple. I do think we've created a regulatory structure and a market structure that really makes it unattractive to go public until you have to. The reason these companies are going public now is because they have to. They have capital needs that are so voracious that it is not prudent for them to try to do 100% of it in the private market and not have a public currency.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“But it's not fair to say that investors got to participate in everything because it's not like there's more access for investors. Well, no one talks about it.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“So, I think this is good for the United States to have the biggest, most important companies in the world. When you talk about what's happening, there are a lot of complex things happening about why we had fewer public companies today than we had 25 years ago. And this is a long term journey around policy decisions and market structure over very long period of time. The reason that companies like Microsoft went public when they did it the size that they did was there was no capital available to them other than going into the public market, right?”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm going to give you a conclusion first okay. We can try to dig in a little bit to the details, which I know you guys love to do. But I just start. I don't think this is going to break capitalism, and I think it's good for the red headlines.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“So, actually, I went back actually and looked at the chain in my ex account over the last six months just to make sure I wasn't wrong about this when I saw it in the press. And I said to Tony, I don't think this is true. And I never, I never, I never asked Elon in a text message about the IPO. We focused on his team. We focused on the work that we had to do. And we're really proud and pleased to be leading this. And we're going to do everything we can working with the other banks to get the best result that we can for SpaceX.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“So with respect to the DM, it is unfortunately it's untrue that I pitched Elon via DM about the deal. What is true? And this is the way facts get confused Elon, some point in the last year. Stopped taking texts on his phone or emails and started telling people that he knew that if he wanted to get in touch with him, direct message him on X. And so because I have a relationship where I reach out to Elon and we exchange messages about a whole variety of different things, I stopped sending him text on his phone and started direct messaging him when I wanted to”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Elon, his companies, his teams, by the way, in this situation, Brett Johnson, the CEO, is a hugely, hugely important guy, and we've had people spending time with him for years and years and years. And that's what our business is. Our business is building, trusting relationships over time with people, giving the right advice, taking a long-term view, not being transactional, and trying to earn trust so when the biggest, most important things happen in the world, we have a better chance of being asked to provide services. And that's kind of what we do.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Sometime around Solar City and Tesla, I first met Elon. And so I've known Elon for more than 15 years. Dan Dees, Stuart Bernstein, kind of semi-retired from the firm in the early part of the last decade, so let's say 2012, 2013, and Dan Dees, who now runs our Global Banking and Markets business, was an investment banker who was just coming back to the US after having been in Asia for a long time. And he was basing out of the West Coast and running our TMT banking business. And he started building a personal relationship with Elon. And Dan has built a really wonderful dialogue with Elon over a long time. But it's not a straight line. And there are times where we're doing things and we're not completely in sync. But at the end of the day, as a firm,”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Around green energy. And he and his brother had solar city. And that's where we first connected with Elon. And then we took Tesla Public when Tesla went public.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, there are things that I'm wanting to say and try to give you some perspective on it, but the most important point. That I could amplify about this is we didn't win this in the last six months. We won this over the last twenty years. Decision wasn't made. The decision wasn't made until the last six months. And there's a lot of things that the team did over the last six months that contributed to the ultimate result, which by the way now we have to execute. But this is a cumulative effort of lots and lots of people over 20 years. And we first, as a firm, we first met Elon Musk. And the person that first was responsible for covering and was a guy named Stuart Bernstein, who was doing a bunch of stuff.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“On that. Our team really, really the team on that, really, really extraordinary. Dan Dees, Kim Posnet, I mean, just really Susie Schur, really, really extraordinary partners of the firm who just done an extraordinary job over years. I mean, over years.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“That and it requires kind of a long term conviction on what you're doing from a capital deployment standpoint and making the decision as to what makes you more comfortable. In kind of the leverage and balance between debt and equity, I think you're going to see more companies issue equity because capital is available and you want to be cautious about this. If you get it wrong, if you totally rely on debt and you get it wrong, you will really regret. If you wind up having a downside scenario that's tougher than you expected. So I think you can see more companies think that through. And alphabet's the first company to step forward. Our team spent a lot of time over the last five months really helping them think through these kinds of issues. I think they were very smart to really think it all through.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Over the next five years that are very, very significant. And they can fund a lot of it with debt. But I think you're going to see, and alphabet is the first one to make this decision, I think you're going to see a bunch of them fund a bunch of it with debt, but also raise more equity because they're starting to think about, okay, what does this look like? It's one thing. What does it look like this year? But what does it look like over the next five years? How much capital do we need? How much debt? Equity markets are good. Our multiples are pretty high, given the way the market's responding at the moment. We've got to think about our leverage going forward. The capital's available. And so the analysis is, and this is not all public, but in specifics, but I'll talk generally. A company has to look and say, not just what's our one, two, or three-year capital plan, what do we think our capital plan is over the next five to ten years? How's that going to change our leverage? What if there was a change in the market multiple and our leverage is up? How are we going to feel about it?”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“On investor demand at this scale. And we have some other things coming up at this kind of scale. And so this is a very important tangible investor data point. And I think one of the things that's very helpful to the firm is sitting in the middle of this. We got a lot of information on how investors are thinking about all this and the others that I think is super, super interesting for us. But it's unprecedented at scale. And it's reflective of the fact that we now have some of the largest companies in the world that have capital plans.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“We upsized it, and the green shoe, my guess is, given the way the stock's trading will probably be exercised in the coming days. And so they raised $90 billion. And so it's really extraordinary. And by the way, I think one of the interesting things to think about, this is the first concrete, tangible data point.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, there are, you know, there are a couple things to think about here, but first of all, I know a little bit about this. There's some things I can talk about and some things I can't, but I think you know that the firm ran this whole process. The firm was the only bank that was involved in this for the last five months until a couple of days ago when other banks were brought in to participate. The firm ran this over the last five months. This was Goldman Sachs's deal. And the team led by Yasmin Kupal and Kim Poznet and David Ludwig under equity capital markets business did an extraordinary job. This is one of the largest, if not the largest, secondary follow-on equity offering ever. And we're ultimately, if the green shoes exercised, we're going to raise 85 to 90.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, the important thing, and I know you know this, Joe, the important thing is to look at the relative. No, I know, I know. The relative performance over the time we're talking about is top of the heap.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm super excited because I now look ahead for the next five to ten years. And I look at this technology and our ability to remake operating processes and take the most productive people and have them spend more time with clients and broaden our client footprint in areas like wealth management, et cetera. I'm like, wow, we can really grow the firm. We can really grow the firm and grow the earnings further because we're going to have more capacity to invest and growth. And so that's super exciting. And so it's been a journey. I mean, when I started the stock was around 200 and, you know, now the stock's over 1,000. By the way, it could go back, but it's not going back to 200. But the stock can back off, the multiple come down, our earnings could slow if we went into a tough economic environment. But fundamentally, the firm is bigger, broader, more diverse, more durable. And I think on a super course for more earnings growth and more performance for our shareholders over the next five years.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Know from my perspective about our stock price, of course, it's human nature. I'm going to look and see. But what I really care about is kind of year to year to year. And what I really believe deeply, and it's been one of the things our leadership team has really been focused on for the last eight years, is if you grow the earnings of the firm, if you invest in growth in the firm and you grow the earnings of the firm, the stock will do just fine. The multiple will move around. But if you grow the earnings of the firm, the stock will do just fine. And so we've been focused on investing in the business and growing the earnings of the firm. And we've grown the earnings of the firm material. We had our first investor day in January 2020 and we put out a plan and we've been executing against that plan. And since then, we've grown the revenues of the firm 65-ish percent. We've grown the earnings of the firm about 140 to 145%. And what do you know? The stocks reacted really well. And we've gotten a little bit of a better multiple because it's a much bigger, more diverse.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say I look at the stock price most days during the week, but it depends on what I'm doing. If I'm in the office, if it happens to be a day when I'm in the office going from meeting to meeting and in between meetings, I jump on my desktop and I'm responding to emails or I'm making telephone calls, the screen's up. And I'm looking at our stock price, but I'm looking at a bunch. I'm trying to look at what's going on in the market, haven't absorption as to what's going on in the market that day. If it's a day where I'm in a bunch of meetings and I'm on the road, I might not look at the stock price at all, but probably at the end of the day, I'd look and say, hey, what happened today? And by the way, it's not just our stock price. It's actually what happened in the market today for me to be effective, I have to be super in touch with what's happening in the market every day. And I spend time on the weekend also catching up on it.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I don't, it's not the first thing I look up when I wake up in the morning because I looked at it when I closed the day before. And it doesn't, it generally doesn't change overnight. Look, I during the week.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Talk to me. Okay, that's a human emotion that matters. That's not going to change. And so this concept of getting things out of people's head, what you're really talking about is human intelligence, humanity, EQ. And I think we're going to figure out how to use these models more powerfully. The data sets are going to get cleaner and cleaner. Yes, maybe we'll expand better into the second and clean up when you go out in the world. But when it comes to the way human beings interact, I actually think this is a superpower that's going to get more valuable and more valuable and more valuable. And it's something we want, I think people should think about. People should try to learn. think public speaking still matters. I think writing is still going to matter. I think how you communicate and talk to people is going to matter, how you spend time with people, how you believe. And all this stuff's not going away.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“And one of the reasons why, if you really understand the process of writing a movie, okay, sure, can AI write a script? Absolutely. But the first thing is that script, if my daughter's the screenwriter, it is not in her voice unless that model has access to every single thing she's ever written, every single experience she's had in her life, every single emotions he's ever felt, never going to have that. And so voice matters when you're writing or doing something creative. Now, here's the thing. She puts her voice on whatever she writes. Now she goes to the studio. The producer says, you know, I don't like this. I don't like that. That's a personal feeling. He's not asking the model to say whether I like it or I don't like it. He's reacting to it emotionally because it's creative. It's like relationships. I don't like this. By the way, somebody came in and pitched an investment banking deal and the CS said, you know, there was just something I just didn't like the way that guy told me.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“You were talking about what's inside people's heads. I personally believe the answer to this is never. And this is one of the magic things about humanity. This is one of the magic things about creative things. And by the way, part of investment banking and client relationship is creative. It's EQ. It's emotional intelligence around spending time with people, how to connect with people, how to build trust with people. Machines can be really, really good. Tools can be really, really good. But unless you're in the camp that humanity is not going to be about trust and relationships, I think this is like a never thing. And so the bridge is how do you use the tools? And with the tools, leverage more of your humanity and your connectivity in a special way to be more impactful with people. Now, here's an example that I think is an easier example to kind of look at. I have a daughter who's a screenwriter. I've talked to her extensively about this because people talk when somebody writes about their voice.”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Garbage in, garbage out. Now, human judgment had to look at that and say, no, no, no, I don't think that's right. Are we going to get to a place where the data sets get better and better and better? Yes, but as long as one of the functions of the model is they go out into the internet and they go out into social media and they go out into the media and they go out into the world, there's going to be a lot of garbage in garbage out. And the models can get better and better and better. But that's going to be, it's going to be really interesting to see over time how the models get better and better at distinguishing. And one of the things that's interesting is I then asked the model, hey, okay, will you search this differently the next time because wherever you went got it wrong and the model said no, that's not the way it works. Now, one day I think it will work that way and it will search differently, but that's just interesting to me what we are. Here's the third thing, okay?”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Hey, I don't think you're right. Didn't Tiger Woods win the masters two years in a row? Model says, wait one second, comes back. Yes, you're right. Tiger Woods did win the Masters twice in a row. Why did you get that wrong? I said to the model. Model comes back. Well, I use this source. I did this. I did this source. The bottom line is not a clean data set Not a queen data”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me give you a simple example just tell a story from a few weeks ago that was another one of these data points for me and really understanding how this all works. It's pretty simple. I was down at the masters and Rory McElroy was up by six strokes after two days. And I was like, holy cow, he's probably going to win twice in a row. How many people have won the masters twice in a row? I know Tiger Woods has. Okay. I think Jack Nicholas has, but I don't know if there's, I can't remember if there's anybody else. So I asked one of the models, hey, how many people have won the Masters twice in a row? And the answer comes back, Jack Nicholas and Nick Faldo. Oh, yeah, Nick Faldo different. But it didn't say Tiger Woods. Oh, interesting. So I said to the model, I said to the model,”
2026-06-04 · Odd Lots · Goldman Sachs CEO David Solomon on Running a Bank in the Age of AI · IDENTIFIED FROM THE TRANSCRIPT · source