‘These are the most difficult times I have ever seen’ – El Financiero

A senior executive at Goldman Sachs Group Inc. coincided with the pessimistic tone of Jamie Dimon, CEO of JPMorgannoting that harder times ahead amid a series of shocks rocking the global economy.

“East It is one of the most dynamic and complex environments, if not the most, that I have seen in my career,” said Goldman Chairman John Waldron.at an investor conference held this Thursday, June 2. “The confluence of shocks in the system is unprecedented”.

Waldron’s comments echoed the stern warning made by Dimon, CEO of JPMorgan Chase & Co.who warned investors to prepare for a “hurricane” amid an unprecedented mix of challenges.

Waldron said he will avoid “using any climate analogies” but expressed fear that risks from inflation, changing monetary policy and Russia’s invasion of Ukraine could put the world economy in jeopardy.

“We expect tougher economic times,” Waldron said. “There is no doubt that we are seeing a more difficult capital markets environment,” he added.

The investment banker expressed surprise at the resilience in the merger market, “which is inconsistent with everything I’ve been talking about.”

“That’s going to start to turn around because you see demand destruction, CEOs become a little less confident,” Waldron said. “That is a reasonable expectation, but we are watching it carefully as a signal.”

Waldron emerged as one of the harshest critics of the Federal Reserve by the banking sector at the beginning of this yearwhen he attacked the central bank for what he perceived as a lack of autonomy and resolve to resist pressure to carry out the necessary measures to tame the highest inflation in 40 years.

John Waldron sounded more confident about his company’s ability to continue to generate high profits during the recession. “Whatever the economic environment, we’ll do well,” he said.

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