NEWS: Goldman Sachs said market activity slowed in the second quarter compared with th
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Solomon, President of GS.N, said on Thursday that market activity in the second quarter was down compared with the first quarter of. In the first quarter, rising volatility helped Wall Street banks earn record profits.
Investors had previously questioned the business model of Wall Street's banking sector, which fell sharply to a record low last year. Investors' dissatisfaction has prompted Goldman Sachs and other banks to reflect on their operating strategies and increase the development of investment banks and consumer credit operations, which are no longer particularly dependent on market activities.
Solomon said that investment banking activities are still generally strong, and the volume of business to be completed is approaching record highs. He pointed out that initial public offering (IPO) activities, especially the IPO business in the US and China's technology industry, have begun to accelerate.
Solomon also mentioned the growth of consumer banking business, saying that Goldman has set up a data platform to meet consumer needs and to connect consumers with other business areas. But he also pointed out that Goldman Sachs did not need to develop into a large leading consumer credit bank.