“I think at the moment, for our business and our business mix, particularly, around capital markets activity, etc. We have -- it feels like we have a tailwind going into 2025. And I do think that levels that have been below historical averages are going to a minimum normalize, maybe do better.”

In context

“was doing a model for the industry, if we go back to the '21 pandemic highs? And on the other side of this, as highlighted by Slide 9, you're all focused on expenses. And on the -- maybe if rates go up too much, what level of a 10 year yield do you think it puts a wrinkle in the kind of the bullish thesis you're laying out here, a 10 year 5%, 6%, 7%. What's the most likely thing that would drill your lofty expectations? David Solomon: Look, Mike, I appreciate the question, and I'd say at a high level, there's no question that I highlighted in my remarks. There's been a sentiment shift broadly as I talk to CEOs since the election. But that doesn't stop us from at Goldman Sachs constantly thinking by nature of risk managers thinking about how the environment can change, how that can evolve. I think at the moment, for our business and our business mix, particularly, around capital markets activity, etc. We have -- it feels like we have a tailwind going into 2025. And I do think that levels that have been below historical averages are going to a minimum normalize, maybe do better. I certainly wouldn't say, I have any expectation of capital markets activity going back to 2021, anomalies anytime soon, but it is a more constructive environment. And so that, of course, is something that we think about as we think about deployment of resources and investment in the business. Now all that said, we can't predict the environment. The environment changes and we're running the firm for the medium and the long term. And so we are very, very focused on our growth and returns over the medium term, our growth of the firm over the medium term and our ability to serve our clients and execute well. And I am very confident, very, very confident that no matter what the world throws at us, Goldman Sachs over time will continue on that journey of doing really well and growing the retur”