Goldman Sees Long-Term Growth as Revenue Base Doubles

Goldman Sachs' Chairman and CEO David Solomon emphasized the firm's long-term growth potential at the Barclays 24th Annual Global Financial Services Conference on Wednesday, September 16, 2026. He highlighted that Goldman's revenue base has roughly doubled since his tenure began in late 2018 and early 2019, reaching about $70 billion in 2026.

Solomon stated that investors should focus on the next five to ten years, rather than short-term fluctuations, as the company has created operating leverage allowing earnings to grow faster than revenue. He pointed out that Goldman can deliver more than 10% earnings growth even if revenue rises only 6%. The firm's Global Banking and Markets franchise remains strong, with leadership in several areas and a broad client base.

The Asset and Wealth Management business has become a major growth engine for Goldman Sachs, with $4 trillion in assets under supervision. Solomon noted that the platform combines previously separate businesses into one scaled platform, integrating merchant bank, public asset management, money market liquidity platforms, fund-of-funds business, and wealth management operations.

Solomon also highlighted the firm's alternatives business, which is on track to exceed $125 billion in fundraising this year. He mentioned that Goldman ranks third under the broadest definition of alternatives fundraising and does even better in pure alternatives. The platform is differentiated by its performance record, institutional relationships, customization capabilities, and scale.

Looking ahead, Solomon framed the next several years as a period of meaningful earnings growth supported by technology, market activity, and secular demand for financial services. He expects Asset and Wealth Management to grow at high single-digit rates, with margins near 30% and returns in the high teens. Goldman's financing businesses should also benefit from long-term growth in U.S. and global market capitalization.