Explore our research and insights relating to COVID-19.
Salveen Richter, lead analyst for the US Biotechnology sector in Goldman Sachs Research, talks about Pfizer’s clinical-trial results for its COVID-19 vaccine and the obstacles that still lie ahead for FDA approval and widespread distribution.
Measuring the Reopening of America: Range of Recovery Paths Widen for Different Categories, Remain a ‘4’
In week 25 of the Measuring the Reopening of America series, several back-to-normal categories that had improved over the past few weeks reversed trends, including lodging and dining, while stay-at-home vertical growth largely decelerated. Net, our composite score remains the same as last week as the pace of reopening continues to fluctuate across different categories but the overall trend fails to show progress for essentially the third month.
Tony Pasquariello of Global Markets gives an update on US equity performance and why 2020 has seen so much trading activity.
Goldman Sachs held its second The Way Forward conference, convening leaders from the worlds of business, healthcare and public policy virtually for a series of insightful conversations about the state of vaccine and therapeutics development, how companies are responding to the pandemic, the impact on economies around the world, and the investment outlook for financial markets.
Mike Moran, senior pension strategist for Goldman Sachs Asset Management, discusses how COVID-19 and the resulting market volatility have impacted defined benefit pension plans and participants in defined contribution plans, and what to consider going forward.
Erin Riley of the Markets Coverage Group in Private Wealth Management discusses the two key milestones her clients are watching: the U.S. election and the potential for a COVID-19 vaccine.
In this episode of Talks at GS, Liberty Global CEO Mike Fries discusses the impact of the pandemic on global connectivity, the acceleration of digitalization and the future of the company’s global broadband network.
Well into the COVID-19 pandemic, countries continue to grapple with managing the virus while restoring economic activity. Where the virus will go from here, what that means for the economy and markets—and how the vaccine outlook might impact everything—is Top of Mind.
In this episode of Talks at GS, Kroger CEO Rodney McMullen discusses leading the nation’s largest supermarket chain through the economic shutdown, the impact of the crisis on the nation’s food supply and the expected digital transformation of the grocery business.
In this episode of our Venture Capital Horizon series with Heath Terry of Goldman Sachs Research, we dive into the future of e-commerce and the adoption of robotics in everything from manufacturing to packaging and delivery.
Sharmin Mossavar-Rahmani, head of the Investment Strategy Group for Goldman Sachs’ Consumer and Investment Management Division, discusses the “wall of worry” that US equities have climbed since the trough of the S&P 500 in March and her team’s recommendation to stay invested amid the current challenges of the pandemic.
In this episode of Talks at GS, Michael Dell discusses leading Dell Technologies through these challenging times, the rapid acceleration of remote workforce technologies and the digital divide that has been exacerbated during the economic shutdown.
In this episode of Talks at GS, Doreen Lawrence, Baroness Lawrence of Clarendon, discusses her work campaigning for justice following her son Stephen’s 1993 murder and her views on race relations today.
Mike Siegel of Goldman Sachs Asset Management summarizes key investment trends from GSAM’s 2020 Insurance Report.
Tony Pasquariello of Global Markets recaps the historic market rally of Q2 and institutional investors’ outlook for Q3.
Following our first 6 weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Just as the pandemic has accelerated a shift to online learning, it is also reshaping the college application process. On a recent client webcast, Goldman Sachs’ John Mallory, who leads the firm’s Americas Private Wealth Management business, spoke with Amy Alexander and Sai Samboon of Bright Horizons College Coach about the trends shaping the college admissions process.
Goldman Sachs virtually convened business leaders, policymakers and healthcare experts from June 15 to 19, 2020 for a live series of timely and informative conversations on the way forward during these unprecedented times.
Jan Hatzius, head of Goldman Sachs Research and the firm’s chief economist, explores the link between face masks and coronavirus outcomes, and the economic value of a national face mask mandate in reducing the need for broad lockdowns.
In this episode of Talks at GS, Leslie Odom Jr. discusses the role that the arts play in the current conversation around racial equity, the release of Hamilton as a film, and the continuing cultural relevance of the story of the musical since its 2015 Broadway debut.
The airline industry has faced its fair share of crises, but the coronavirus has pushed it into new territory. Greg Lee of Goldman Sachs’ Investment Banking Division looks at how some airlines are weathering the pandemic.
The sharp increase in confirmed coronavirus cases in the US Sun Belt has led investors to worry about renewed broad lockdowns with large negative effects on GDP. But there are other ways to reduce infections, and Goldman Sachs Research argues that a national mandate to wear face masks in public settings could partially substitute for lockdowns that would otherwise subtract nearly 5% from GDP.
Ben Ferguson, head of Goldman Sachs’ Asia Pacific Equities Distribution and co-head of Japan Securities Sales, talks about the lessons learned from the introduction in 2016 of negative interest rates on Japan’s economy and the impact of coronavirus on corporate reform.
Tim Ingrassia of Goldman Sachs Investment Banking Division provides an update on M&A trends.
In this episode of Talks at GS, Big East Conference Commissioner Val Ackerman discusses navigating the conference through COVID-19, the future of live sports and her ideas to foster greater diversity in college and professional athletics.
In this episode of Talks at GS, David Lammy, member of Parliament for Tottenham, discusses race relations in the UK, his work campaigning for social justice and the impact of the coronavirus on the Asian, Black and minority ethnic communities.
Clean tech has a major role to play in the upcoming economic recovery. Leveraging our Carbonomics cost curve, we estimate that clean tech has the potential to drive US$1-2 tn pa of green infrastructure investments and create 15-20 mn jobs worldwide, through public-private collaboration.
After a decade-long bull run, mergers and acquisition activity slowed sharply earlier this year as global economies came to a halt. But there are signs of life in the M&A market as countries start to reopen, according to the global co-heads of Goldman Sachs’ Mergers & Acquisitions business in the Investment Banking Division—Michael Carr, Dusty Philip and Gilberto Pozzi—who shared their outlooks on the year ahead.
Following our first five weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
In this episode of Talks at GS, BET Networks President Scott Mills discusses systemic racism, violence and inequality in American life; BET’s efforts to empower black Americans through its programming; and ways in which protest can lead to sustainable change.
In this episode of Talks at GS, mayors Eric Johnson (Dallas, TX), Nan Whaley (Dayton, OH), and LaToya Cantrell (New Orleans, LA) discuss how they are thinking about the way forward for their communities post-pandemic and on issues of racial equality.
In this episode of Talks at GS, psychologist Susan David, Johnson & Johnson CEO Alex Gorsky, and Dr. Mark McClellan discuss the healthcare response to COVID-19 and how to protect, educate and empower your workforce.
In this episode of Talks at GS, Goldman Sachs Research’s Peter Oppenheimer discusses his new book, The Long Good Buy: Analyzing Cycles in the Markets, his assessment of the current market cycle, and his views on how the policy response to COVID-19 will impact the future of the markets.
In this episode of Talks at GS, US Senators Ben Cardin, Steve Daines, and Maggie Hassan discuss the federal government’s efforts to assist small business owners impacted by the economic shutdown.
Steve Strongin discusses a new framework for investing after COVID-19.
Following our first four weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
The pandemic is accelerating the adoption of financial technology, known as fintech, among consumers, businesses and government entities. Goldman Sachs’ Jeff Gido and Brandon Watkins of the Investment Banking Division shared their insights on the secular trends driving fintech growth and how the shutdown is creating opportunities in the sector.
Government deficits, debt issuance and debt levels are set to surge as countries race to ease the economic impact of the coronacrisis. This raises many questions: who will finance this debt, will it force a market repricing and/or an eventual growth or inflation problem, and would greater use of negative rates help avoid any of these risks? At the same time, whether corporate bankruptcies could derail the economic recovery is a key concern. In short, how disruptive the recent, dramatic shift in debt dynamics might be is Top of Mind.
Jenny Chang, portfolio manager for Goldman Sachs Asset Management’s Fundamental Equity team, discusses how the pandemic is driving innovation and increased collaboration across the healthcare industry.
Goldman Sachs Research explores topics and questions related to COVID-19 and provides a framework for the post-COVID-19 investing environment across three phases (preservation, consolidation and innovation) that capture the structural dynamics of the competitive environment.
In this episode of Talks at GS, Best Buy CEO Corie Barry discusses leading the consumer electronics retailer through COVID-19, and how it has led to a transformation of the retail environment and the customer’s experience.
Following our first three weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Rod Hall, senior equity analyst for Goldman Sachs Research’s Hardware and Communications Technology group, discusses how the rapid transition to working remotely could pave the way for technologies like virtual reality, enterprise infrastructure at home, and more.
As one of the longest-tenured CEOs on Wall Street, Jefferies Financial Group CEO Rich Handler says the current crisis is unlike any he’s ever seen and will have profound effects on the economy, consumer behavior and the future of work. Speaking at a virtual Goldman Sachs Asset Management (GSAM) Forum event, Handler shared his thoughts with Katie Koch, co-head of GSAM’s Fundamental Equity business.
Following our first two weeks in the series, GS Research continues to monitor the reopening of America, as cities and states across the U.S. begin to reopen at different paces and with different processes in place.
Tony Pasquariello of Goldman Sachs’ Global Markets Division provides an update on how investors are reacting to the gradual re-opening of the U.S. economy.
Michael Siegel, head of the Insurance Asset Management and the Liquidity Solutions businesses within Goldman Sachs Asset Management, talks about the ways the insurance industry is adapting to the challenges brought on by the coronavirus.
Kevin Daly, co-head of Goldman Sachs’ CEEMEA Economics Research, discusses the impact of the pandemic on emerging markets government deficit and debt levels, and the fiscal adjustments that are likely to be required in the aftermath of the crisis.
In this episode of Talks at GS, Jared Diamond discusses his latest book, Upheaval, in which he analyzes how nations have coped with challenges throughout history, and gives his perspective on how lessons from past challenges can apply today.
Margaret Anadu, head of the Urban Investment Group, provides an update on the $500 million Goldman Sachs has committed in lending capital for small businesses.
Bill Bynum, is the CEO of HOPE, a Community Development Financial Institution in Jackson, Mississippi, with whom Goldman Sachs is partnering to get capital in the hands of small businesses. Margaret Anadu, head of the Merchant Banking Division’s Urban Investment Group (UIG) at Goldman Sachs, spoke recently with Bynum about the status of those efforts.
Axel Hoefer, Goldman Sachs’ head of auto industry coverage in Europe, discusses the impact of coronavirus on the global demand for cars and the outlook for manufacturing as production restarts in some countries.
Jen Davis, Goldman Sachs’ head of retail investment banking, discusses the impact of the pandemic on various parts of the retail industry, including the potential shift in consumer behavior and the outlook for e-commerce.
With cities and states across the US beginning to reopen, Goldman Sachs Research has introduced a new weekly tracker to help gauge progress in a wide range of consumer and business segments.
In this episode of Talks at GS, BT Group CEO Philip Jansen discusses leading the global telecommunications company through COVID-19, the impact that COVID-19 is having on the telecommunications industry, and the future of global connectivity.
Heath Terry, Goldman Sachs Research’s business unit leader for the Technology, Media and Telecom Group, discusses his team’s new report “U.S. Reopening Scale,” which aggregates data across a wide range of consumer and business segments to quantify where the economy sits between full lockdown and a return to activity levels last seen before the COVID-19 outbreak.
In this episode of Talks at GS, BP CEO Bernard Looney discusses leading the global energy company through COVID-19, the company’s continued commitment to its sustainability goals, and his insights on the state of the global energy market.
Ben Frost, head of Mergers & Acquisitions for Goldman Sachs’ Consumer Retail Group, discusses the impact of coronavirus on grocery stores, supply chains, and consumer behavior.
With cities and states across the US beginning to reopen, Goldman Sachs Research has introduced a new weekly tracker to help gauge progress in a wide range of consumer and business segments.
Richard Gnodde, chief executive officer of Goldman Sachs International, discusses how business leaders in Europe are thinking about their corporate planning and decision-making in response to the economic downturn.
Ashish Shah, co-chief investment officer for Goldman Sachs Asset Management’s Global Fixed Income and Liquidity Solutions business, discusses the wave of fallen angels as rating agencies downgrade the debt of blue-chip companies at the fastest rate since the financial crisis.
In this episode of Talks at GS, UN Secretary-General António Guterres discusses leading the UN’s global response to COVID-19 and the health, economic and human rights implications of the pandemic across the world.
Public companies and investors have turned to private investments in public equity, or PIPEs, to raise capital at historically high levels given the uncertainty around the COVID-19 pandemic. Goldman Sachs Investment Banking Division’s Mike Voris and Evan Green discussed the appeal of the approach and why the trend has continued even as liquidity has returned to fixed income markets.
Stacy Selig, co-head of Goldman Sachs Global Sales Strats and Structuring, talks about how she’s helping investors see past the broader trends reflected in major indices and dig deeper to find the tactical drivers of the global economy in a time of historic disruption and uncertainty.
Allison Nathan, senior strategist for Goldman Sachs Research, discusses her latest Top of Mind report where she speaks with leading experts across health and policy to understand how well-positioned the U.S. is to achieve a safe reopening of the economy and how quickly it would translate into economic recovery.
With mitigation measures leading to an apparent leveling off of case growth globally at the same time that the economic costs of such measures continue to mount, several countries around the world have begun to plan for—or have already started to implement—economic reopening. But absent herd immunity or a vaccine, such reopenings increase the risk of a resurgence. With this in mind, what a safe reopening might look like, how well-positioned the US is to achieve one and how quickly reopening would really translate into economic recovery is Top of Mind.
Matt Gibson, co-head of Goldman Sachs Global Investment Banking Services, discusses what’s on the minds of CEOs as they navigate the shutdown—from an early focus on liquidity and adapting to work from home, to first quarter earnings and the long-term outlook for their businesses.
Laura Destribats, portfolio manager for Goldman Sachs Asset Management’s fundamental equity team, discusses how the economic shutdown is accelerating growth across industries like video conferencing, e-commerce, streaming, and social media.
Goldman Sachs’ Bentley de Beyer had just started in his position as the firm’s Global Head of Human Capital Management when the coronavirus hit. In a recent conversation with Greg Wilson, Head of Institutional Client Businesses at the firm’s Ayco financial counseling business, de Beyer spoke about his transition to the firm, the future of work and how he communicates with a global workforce during the crisis. What follows is an edited excerpt from their conversation.
In this episode of Talks at GS, Deepak Chopra, MD, discusses his insights on well-being, mindfulness and purpose during these challenging times.
In this podcast episode, South Africa Minister of Finance, Tito Mboweni, discusses the economic and financial outlook for South Africa amid the coronavirus pandemic. The conversation was moderated by Kunal Shah of the Securities Division and Andrew Matheny of Goldman Sachs Research during a phone call recorded on April 24, 2020.
José Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package endorsed by European leaders.
Jonny Fine, head of Goldman Sachs’ Investment Grade Syndicate in the Americas, discusses what’s driving the corporate credit markets during a time of unprecedented uncertainty.
Terry Hagerty of Goldman Sachs’ Investment Banking Division talks about how COVID-19 has impacted the outlook for housing and the broader building products sector.
The path to full economic recovery is likely to be complicated and gradual, as wide swaths of the economy are forced to rebuild and adapt. At a recent Forum discussion, Goldman Sachs Asset Management’s (GSAM) Katie Koch, co-head of the Fundamental Equity business, spoke with Steve Strongin, senior advisor at the firm and former head of Goldman Sachs Research, about the forward path.
On the heels of a record low quarterly growth report out of China, the firm’s chief Asia economist Andrew Tilton discusses what the data mean for the country’s growth target and where we’re seeing signs of recovery.
Gonzalo Garcia, Goldman Sachs co-head of Latin America and head of Investment Banking in Latin America, discusses how the current environment is impacting the region’s economy and how the firm is helping clients access capital to stabilize economies across the region.
As volatility continues in the public markets, Meena Flynn of Goldman Sachs’ Consumer and Investment Management Division gives her analysis on the latest swings and explains how investors with permanent capital are positioning themselves.
In this episode of Talks at GS, Admiral Timothy Keating, the former Commander of the US Pacific Command, and Brigadier General Robert S. Spalding III, the former Senior Director for Strategic Planning at the National Security Council, discuss coronavirus and the geopolitical implications for China.
The face to-face meetings between investors and executives, often requiring week-long tours of major cities across the globe, are emblematic of the IPO process. But such in-person presentations may soon be giving way to virtual IPO roadshows in a travel-restricted landscape. We spoke with Goldman Sachs’ Bill Chu, Sam Thong, James Wang and Darius Naraghi of the Investment Banking team in Hong Kong about the trends that are reshaping the IPO process in Asia.
Kathleen Hughes, global head of Liquidity Solutions in Goldman Sachs Asset Management, discusses the emerging focus on money markets and short-duration investing as businesses look to navigate the current market environment.
In this episode of Talks at GS, Jovita Carranza, the administrator of the U.S. Small Business Administration (SBA), discusses her leadership of the SBA during the coronavirus pandemic, the economic impact of the pandemic on the small business community, and federal relief for that community during the crisis.
Goldman Sachs Chairman and CEO David Solomon shares his views on the pandemic and the economic impact, alongside other of the firm’s senior leaders.
Michele Della Vigna, Goldman Sachs Research’s head of EMEA natural resources, discusses the dual challenges the world’s oil producers are facing from coronavirus and a battle for market share, which has caused a global imbalance in the supply and demand for oil.
Margaret Anadu of Goldman Sachs’ Urban Investment Group talks about how the pandemic is impacting small businesses in the US, and three entrepreneurs and graduates of Goldman Sachs’ 10,000 Small Businesses program share their personal stories.
The technology sector was a strong outperformer during the bull market and, so far, is outperforming other sectors during the current downturn. At a recent Goldman Sachs Asset Management (GSAM) Forum event, Sung Cho and Greg Tuorto, portfolio managers on GSAM’s Fundamental Equity team specializing in technology, and David Fischkoff on GSAM Fixed Income’s credit team, shared their perspectives on why the sector is poised to weather the current crises.
The global oil market is experiencing a massive demand shock, with demand for transportation fuels sitting in the crosshairs of the coronavirus crisis. At the same time, major oil producers have engaged in a war for oil market share, resulting in a sizable supply shock. The impact of these simultaneous shocks on oil prices, OPEC+, the oil industry, and credit and financial markets more broadly are Top of Mind.
Anne Marie Darling of Goldman Sachs’ Global Markets Division analyzes the S&P 500 index’s historically fast fall into bear market territory.
Atte Lahtiranta, Goldman Sachs’ chief technology officer, discusses ways that the pandemic is accelerating the digital transformation of the financial services industry, and the long-term implications across industries.
Journalist Jonathan Karl discusses covering the Trump administration during the coronavirus crisis as well as his insights from covering President Trump for decades, as described in his new book, Front Row at the Trump Show.
In this episode of Talks at GS, Goldman Sachs’ Sharmin Mossavar-Rahmani discusses the economic implications of the recently passed Coronavirus Aid, Relief, and Economic Security Act with a group of leading economic experts.
Kevin Kelly, Goldman Sachs’ co-head of Global Prime Services, discusses how hedge funds are navigating historic levels of market volatility and clients’ “constructive, cautiously optimistic” sentiment looking ahead.
In an effort to provide timely and valuable updates regarding ongoing market volatility and potential economic impacts, we’re sharing a “Market Update” call hosted by our Investment Banking Division.
More than two months after imposing quarantines to battle the COVID-19 epidemic, China is on the economic road to recovery. Shao Ping Guan, head of the China Equity team and lead portfolio manager of Goldman Sachs Asset Management’s China Equity strategies, shared his thoughts on the country’s recovery and the resilience of its equity markets.
In this episode of Talks at GS, US Senators Marco Rubio and Ben Cardin discuss the federal policy response to the coronavirus pandemic and how the recently passed Coronavirus Aid, Relief, and Economic Security Act impacts small businesses.
Mike Moran, pension strategist in Goldman Sachs Asset Management, discusses how market volatility is affecting retirement investments, including corporate defined benefit pensions and 401(k) plans.
In this episode of Talks at GS, Goldman Sachs’ Sharmin Mossavar-Rahmani discusses the economic and public health implications of coronavirus for Europe with a number of leading health and economic experts.
Goldman Sachs Research’s Kathy Matsui, co-head of macro research in Asia and chief Japan equity strategist, discusses the economic impact of the postponement of the Tokyo Summer Olympics and Paralympics and how the pandemic is affecting the outlook for Japanese equities.
Coronavirus has pushed the global economy into a recession of historic proportions and halted the longest-lasting equity bull market on record. As infections spread globally, economic activity collapses, markets recoil and policymakers respond, the depth and duration of the economic and market downturn is Top of Mind.
Susie Scher, co-head of the Global Financing Group in Goldman Sachs’ Investment Banking Division, discusses how companies are accessing capital in an uncertain environment.
Goldman Sachs Research’s Kamakshya Trivedi, co-head of global foreign exchange, interest rates and emerging markets strategy research, discusses indicators his team is watching to assess when markets will hit bottom.
Goldman Sachs’ top economists and strategists discuss revised forecasts for the US economy and the outlook for stimulus programs.
Over the last few days social distancing measures have shut down normal life in much of the US. News reports point to a sudden surge in layoffs and a collapse in spending, both historic in size and speed, as well as shutdowns of many schools, stores, offices, manufacturing plants, and construction sites. These developments argue for a much sharper drop in GDP in Q1 and Q2.
Joe Montesano, head of Americas Equity Trading for Goldman Sachs, analyzes how the coronavirus pandemic continues to add volatility to financial markets.
In this episode of Talks at GS, Goldman Sachs’ Sharmin Mossavar-Rahmani discusses coronavirus testing, hospital readiness and the search for a therapy and vaccine with a number of leading health experts and business leaders.
As universities across the US, Europe and Asia cancel in-person classes in an effort to contain the spread of coronavirus, traditional classrooms are adopting virtual classrooms—which could jumpstart the long-term adoption of remote learning. We sat down with Goldman Sachs’ Adam Nordin, who covers the educational technology sector for the Investment Banking Division, and shared his thoughts on one of the fastest-growing segments in higher education.
In this episode of Talks at GS, Dr. Michael Mina of the Harvard T.H. Chan School of Public Health discusses the evolving understanding of COVID-19 biology and epidemiology and approaches to “flatten the curve” in the context of diagnostics, potential therapeutics and vaccines.
Goldman Sachs’ global medical director, Dr. Michael Rendel, talks about the firm’s response to the coronavirus pandemic and shares advice for how individuals can stay healthy and productive while working remotely.
When news of coronavirus first broke earlier in the year, Goldman Sachs Research’s Peter Oppenheimer warned that the markets were being too complacent. With the stock market’s latest plunge, we sat down with Peter to get his views on how severe the selloff could be and the key metrics and risks investors should watch.
The oil price war that contributed to the recent stock market plummet represents a structural shift in the energy market that will have lasting repercussions for producers around the globe, says Goldman Sachs Research’s Jeff Currie.