David A. Grogan | CNBC
Goldman Sachs CEO David Solomon said Monday that Wall Street clients have woken from the stupor that impacted trading results across the industry in the first few months of this year.
“Client activity has been better,” Solomon told CNBC’s David Faber in an interview from the Milken Institute Global Conference in Beverly Hills, California. “After the fourth-quarter speed bump and with the government shutdown, we had a very slow start to the year. We saw pickup particularly in March, and activity has been more constructive in April.”
Shares of Goldman ticked higher after Solomon’s comments, rising more than 2% in afternoon trading.
Solomon added that in capital markets, the initial public offerings of huge companies have helped, and that action is “really starting to gain some momentum.”
Earlier this month, Goldman reported subdued first-quarter results as it, along with the rest of Wall Street, posted declines in trading revenue. The New York-based bank also said a business review undertaken by Solomon and his deputies, who took over last year, would be complete in 2020, disappointing some analysts who expected it sooner.
“From a macro perspective, the global economy is moving along pretty well,” Solomon said. “The U.S. economy is doing well, there’s no question China has responded better to stimulus.”