David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, April 29, 2019
Mike Blake | Reuters
President Donald Trump’s use of tariffs as part of a political agenda is a potential drag on markets, according to Goldman Sachs CEO David Solomon.
“The issue is that the president is using tariffs as a broader agenda,” Solomon said in a CNBC interview at Recode’s Code Conference in Scottsdale, Ariz. “The way the president uses tariffs will have an effect on market sentiment.”
The Wall Street firm’s consumer arm Marcus business brings in $1 billion in deposits a month and recently announced its first credit card with Apple. Solomon, who took the reins as CEO in late 2018, recently told Goldman Sachs employees that Marcus was getting “no credit from anybody else in the investing community” for some of its progress.
“If we were out in Silicon Valley and made 20% of the progress that we’ve made, we would get a lot of credit and people would be throwing money at us to own a piece of this business,” he told about 200 Marcus workers who gathered on the 26th floor of the firm’s New York headquarters for a meeting attended by CNBC. “But nestled inside little old Goldman Sachs, we’re just going to have to prove it over time.”
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