--- title: "David Solomon at the G20 Finance Meeting in Asheville, North Carolina; AI-driven productivity boom signals higher growth." sdDatePublished: "2026-09-04T13:06:00Z" source: "https://www.goldmansachs.com/pdfs/insights/videos/david-solomon-cnbc-sep-2026/transcript.pdf" topics: - name: "economy, business and finance" identifier: "medtop:04000000" locations: - "Dallas" - "Asheville" - "New York" - "Japan" - "United States" --- David Solomon at the G20 Finance Meeting in Asheville, North Carolina; AI-driven productivity boom signals higher growth. CNBC Exclusive: Goldman Sachs CEO David Solomon at the G20 Finance Meeting Date: August 31, 2026 Location: Asheville, North Carolina Interviewer: Sara Eisen (CNBC Anchor) Guest: David Solomon (Chairman & CEO, Goldman Sachs) Sara Eisen: We're going to start here at the G20 Finance meeting in North Carolina, where Goldman Sachs CEO David Solomon is among the executives joining finance ministers and central bankers for meetings on the global economy. Joining me now for a CNBC exclusive is David Solomon. It's good to see you here in Asheville. David Solomon: It's good to be here, Sara. I really appreciate the fact that the Treasury Department invited a group of industry executives down to participate. It speaks to the desire to build a true public-private partnership with business to drive economic growth. I am thrilled to be here—it is beautiful, and I'm glad to participate. Sara Eisen: Growth is the central theme here. I wanted to start with your current outlook for the U.S. economy. David Solomon: My outlook for the U.S. economy is pretty constructive. Generally speaking, the consumer remains resilient and the overall economy is performing well. We have an enormous investment cycle that is contributing significantly to growth and activity. The key element I'd highlight—which I know you've been focused on—is that corporate earnings growth has been extraordinary. That has provided a strong tailwind for both the financial markets and the broader economy. Things are set up quite well. Now, progress is not a straight line. There are headwinds from the situation in the Middle East, as well as uncertainties surrounding trade policy and tariffs. However, we work through those. Looking through a 5 to 10-year lens, the integration of AI into the economy and corporate enterprise represents a major productivity opportunity. While that adoption won't be linear either, the potential productivity gains give us a genuine opportunity to run at a fundamentally higher economic growth rate moving forward. Sara Eisen: Do you think all of this AI investment will ultimately be worth it? David Solomon: I can't say every single investment will be worth it, as there will always be winners and losers—some good investments and some bad ones. But the direction of travel as AI gets adopted across enterprises and individuals is an extraordinary productivity boom. If managed well, it positions us for a higher structural growth rate. Sara Eisen: Turning to the bond market, many companies are borrowing heavily to fund this buildout. Do you see this debt-fueled cycle creating credit risk? David Solomon: Over time, it is something to monitor: the total size of the investment and how much of it is debt-financed. Broad generalizations are difficult right now, but I do not see systemic risk at the moment. A large portion of this credit issuance comes from very large corporations with strong underlying cash flow characteristics. They are leveraging earnings from core operations to reinvest in this growth cycle. Will there be areas where the market overextends, requiring a recalibration? Absolutely. But we are monitoring it closely, and I am not overly concerned today. Sara Eisen: What are your thoughts on recent Treasury and currency market interventions? Is having a more interventionist Treasury in financial markets a positive development? David Solomon: These are actions the Treasury takes from time to time. In a broader context, the rise in the term Treasury premium is part of a long-term trend driven by fiscal spending policy, embedded inflation, and higher underlying growth. Government actions send signals—for example, intervention in Japan signals policy commitment—but they don't necessarily alter the broader trajectory. Financial markets are highly efficient and will price assets according to fundamental levels. Having a 5% term Treasury premium is not a calamity. Historically, Treasury premiums have been higher without creating structural issues. The core question is what level of economic growth we can achieve and what fiscal policy decisions will look like going forward. Sara Eisen: At what point does the level of interest rates or debt become a calamity? David Solomon: Markets and economic behaviors adjust. We either need to consistently drive higher levels of economic growth to match current spending and debt, or we will have to adjust spending policy. Pressure on the system will grow if that balance is not properly managed. Sara Eisen: The Federal Reserve has maintained a hawkish stance under Chairman Warsh. Would raising interest rates right now be the correct move? David Solomon: I won't speculate on Fed rate decisions. Chairman Warsh has made it clear that he is focused on inflation while remaining data-dependent. It is also important to distinguish between short-term Fed policy rates and the long-term Treasury premium, as they operate under different dynamics. Sara Eisen: So you don't see a fundamental issue with the 30-year yield around 5.25%? David Solomon: It reflects underlying market fundamentals. Sara Eisen: Capital markets activity—specifically IPOs and M&A—has been strong, as shown in Goldman Sachs' recent results. Is this momentum sustainable for the remainder of the year and into next year? David Solomon: In the current environment, I expect continued strong issuance across capital markets. While equity issuance volumes appear large, as a percentage of total market capitalization, they are running near 10-year historical averages. While short-term fluctuations will occur, the medium-to-long-term direction of travel is favorable. The U.S. maintains the right combination of technological innovation, deep capital markets, and vibrant business creation. Sara Eisen: How do you view the regulatory environment? David Solomon: A clear regulatory framework is essential, but financial regulation should prioritize safety and soundness while striking an appropriate balance. The administration has taken a constructive approach by allowing financial institutions to deploy capital and extend credit, which directly drives economic expansion. Sara Eisen: Do upcoming midterm elections or potential policy shifts pose a risk to financial and M&A policy? David Solomon: Key regulatory standards—such as Basel III, G-SIB requirements, and stress testing—are being finalized into fixed structures. Significant regulatory shifts are typically driven by presidential administration changes rather than congressional midterms. Policy shifts are a reality we monitor, but businesses in our sector adapt quickly. Sara Eisen: You recently met with the Mayor of New York. As one of the most prominent financial institutions headquartered in New York City, how are you navigating shifts in regional political dynamics? David Solomon: Different political ideas are a standard part of the public process. New York remains the world's financial capital, but businesses continuously adjust over time. Goldman Sachs' headcount in New York has remained flat at under 10,000 employees over the past 20 years. However, our overall U.S. headcount has grown significantly over that same period in locations such as Dallas. Talent availability, tax policy, and the operating environment all influence corporate growth strategies. While New York remains a key hub for attracting young talent, long-term policy must remain competitive. Sara Eisen: David, thank you for sharing your perspective on economic policy and growth with us in Asheville. David Solomon: Thank you for having me, Sara. Recorded on August 31, 2026. 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