"There's a reasonable chance of a recession in the U.S., but it's not certain," Solomon said on Tuesday after the company released third-quarter earnings.
"Fitch expects the U.S. economy to enter genuine recession territory — albeit relatively mild by historical standards — in 2Q23."
David Solomon, Chairman and CEO of Goldman Sachs, speaks at the 2022 Milken Institute Global Conference, in Beverly Hills, California, U.S., May 2, 2022.
"Private equity activity gets reset at a time like this because values have to come down because financing costs have gone up," he said.
"So there's been less private equity activity right now."