Goldman Sachs CEO David Solomon believes that artificial intelligence (AI) could become a lucrative opportunity for investment in the company. He states that there is a consensus on AI's transformative potential, and Goldman is already witnessing significant client interest in AI strategies and support. Solomon sees the demand for AI-related infrastructure and financing as a positive factor for the bank's business. He emphasizes that this is not a short-term project but a long-term focus for the next five to ten years, catering to both businesses and governments seeking to build their AI capabilities. Solomon also highlights the potential for productivity gains and efficiency within Goldman Sachs itself by implementing AI in its operations. The bank had a strong first quarter, benefiting from capital market activity. Net revenues for the first quarter of 2024 were $14. 21 billion, up 16% compared to the same period in 2023, driven by solid performances in investment banking and equities.

Net earnings were up 28% to $4. 13 billion, beating Wall Street expectations. The CEO notes that the reopening of capital markets is a positive sign for Goldman Sachs and mentions the number of initial public offerings in 2024 as an indication of growing investor appetite for risk. He sees this as the early stages of the capital markets reopening. Operating expenses grew only 3% year-over-year, helping to boost profits. Goldman Sachs reduced its headcount by 2% after selling home lending firm GreenSky, part of its efforts to focus on Global Banking & Markets and Asset & Wealth Management. Solomon believes these actions, along with the market rebound, mark the beginning of a turnaround for the bank.