Goldman CEO sees capital-markets activity accelerating into 2025

(Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer David Solomon said policies expected to be enacted under Donald Trump's administration are poised to provide a further boost to already improving capital markets.

"I think it is going to accelerate more," he said in a CNBC interview Wednesday. "We are seeing things in our business, and when I talk to clients, that indicate that after waiting for valuations to move and for time to pass, people are ready to be more active."

Shares of the biggest US banks soared in the wake of Trump's victory, on the prospect that they'll again be among the top beneficiaries of Trump's regulatory and tax agenda. Goldman climbed more than 13% to a record on the day after Trump's win. JPMorgan Chase & Co. CEO Jamie Dimon said bankers would be "dancing in the street" under the lighter-touch regulatory environment expected under Trump.

Still, that euphoria has cooled a bit in the days since as investors assess Trump's cabinet nominations and potential policies once he takes office in January.

"We are seeing a pickup in our backlog, we are seeing a pickup in activity, and I do think in 2025 we're going to have more robust capital markets," Solomon said.

In the wide-ranging interview, Solomon said he has not talked directly to the president-elect. When asked about Trump's yet-to-be-announced pick for Treasury secretary, the Goldman CEO quipped that he "was actually rooting for Jamie Dimon because I'd love to see a transition in leadership at JPMorgan." Trump has ruled out Dimon for the post.

"There are a lot of good candidates," Solomon said. "I'm excited to see who the president chooses and look forward to working with the entire economics team as they move forward."

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