Ex-Goldman CEO Blankfein says bank rout may depress growth, even with robust capital
According to former Goldman Sachs CEO Lloyd Blankfein, the ongoing turmoil in the banking industry may hinder economic growth as banks become more cautious.
Blankfein remarked, “The greater risk environment for financials leads to husbanding of capital and risk-taking, less and more conservative investing and lending, and inevitably, lower growth.” However, he added that even with robust capital, the downturn in the banking sector could dampen growth. Blankfein also stressed that the banking system is significantly more tightly regulated than before.
Blankfein, who also served as Goldman’s Chairman, ran the distinguished Wall Street firm from 2006 to 2018, skillfully steering it through the global financial crisis of 2008 and its aftermath.
His statements followed a historic deal that saw Swiss authorities persuade UBS Group AG to purchase rival Credit Suisse Group AG after several of the world’s largest central banks united on Sunday to prevent a bank crisis from spreading.
Reporting was provided by Lananh Nguyen, with editing by Tom Hogue.
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“From Ex-Goldman CEO Blankfein says bank rout may depress growth, even with robust capital“
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