The latest Tech Talks Business session held on May 21 proved to be another memorable occasion. Hosted by Bloomberg Philanthropies, the event was held in New York City and featured David Solomon, Chairman and CEO of Goldman Sachs, as the guest speaker. Michael Bloomberg provided welcome remarks.
During the hour-long conversation, Solomon discussed numerous topics, including government spending, the role of banking institutions in promoting consumer financial well-being, AI, small business mentoring, and the American dream, to name just a few.
Solomon said the current level of debt, worldwide and specifically in the U.S., is concerning. He noted that the current spending rates are unsustainable and suggested that more focus should be placed on this critical issue. He also discussed the current economic situation and said it's imperative to normalize monetary policy. However, he noted, "If you're an average American spender, you don't care about core inflation; you care about food prices, gas prices, and housing prices."
He also discussed the Goldman Sachs 10,000 Small Businesses initiative, a six-month business education program for small businesses. Solomon cited that 60 percent of job growth comes from small businesses, and the firm provided 500 million dollars with 10,000 small businesses participating in the inaugural program.
When asked about AI, Solomon said, "I think this next acceleration is going to force a change in operating processes in business. It's going to be quite significant.”
Solomon discussed the success of Goldman Sachs over its 155-year history.
"I don't refer to the firm as the gold standard. I refer to it as an organization striving to be the most exceptional financial institution in the world, and we drive at that by trying every day to live four fundamental values: client services, partnership, integrity, and excellence," he said.
Learn More: Tech Talks Business