Goldman Sachs CEO braces for above trend inflation

Goldman Sachs Group Inc. CEO David Solomon on Thursday said 2022 will mark a shift from low interest rates and tame inflation to tighter borrowing conditions and above-trend inflation. In his remarks at the Credit Suisse Financial Services Forum, Solomon updated financial targets the firm had laid out at its investor day in 2020. The bank now expects to book $350 billion in inflows in its asset management and wealth management by 2024, up from its earlier target of $250 billion. The firm is projecting 14% to 16% return on equity, up from its earlier target of greater than 13%. It’s projecting $225 billion in gross alternatives fundraising by 2024 and greater than $10 billion in firmwide management fees. Shares of Goldman Sachs fell 0.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.