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Goldman Sachs CEO sees 'good chance' of US recession in 2023
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Goldman Sachs CEO David Solomon warned on Tuesday there is a "good chance" the U.S. economy tumbles into a recession hours after the bank confirmed a broad reshuffling in how it is organized.
Solomon delivered the grim prediction shortly after the Wall Street firm delivered third-quarter earnings results that showed profit fell 43% – better than analysts expected – and announced one of the largest overhauls in its history as a company.
"I think you have to expect that there’s more volatility on the horizon now," Solomon said during an interview on CNBC. "That doesn’t mean for sure that we have a really difficult economic scenario. But on the distribution of outcomes, there’s a good chance that we have a recession in the United States."
Given the economic uncertainty as a wave of crises including stubbornly high inflation and an increasingly aggressive Federal Reserve converge, Solomon said that it's a "time to be cautious."