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Goldman Sachs CEO says recession risk high as company plans to slow hiring

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Goldman Sachs CEO David Solomon said factors, including high inflation and slower hiring, means the chance of a recession in the coming years is high.

The Jersey City Skyline, including the Goldman Sachs Tower, is seen from Liberty State Park with CEO David Solomon. Solomon said a recession within the next 24 months is high.

The Fed's move in June was the third rate hike in 2022, and it is expected to make more hikes throughout the year. Solomon will headline the Goldman Sachs 10,000 Small Business summit in Washington taking place through Wednesday. A recent Goldman survey ofSolomon said businesses need to be flexible amid the economic uncertainty.

"They are optimistic. They work hard. They are ambitious," he says. "They are fiercely independent in what they do."

 

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