Goldman Sachs chief executive David Solomon says the United States will remain the global epicenter for capital and innovation, even as artificial intelligence begins to reshape the structure of white-collar work.
In a new Bloomberg interview, Solomon dismisses concerns that the US is losing its economic edge, pointing instead to persistent foreign capital flows and the country’s continued strength in technology leadership.
He says global allocators are still heavily concentrated in American markets and have shown no meaningful shift in preference toward other regions.
“I don’t worry about the US and its preeminence as an attractive place to invest. If you think about what are the more interesting places in the world to invest at this point in time, the US is still at the top of the list and is the largest, most important economy, the largest, most important tech innovation center in the world.”
He adds that the country’s innovation engine, coupled with long-term demand for American assets, continues to reinforce its leadership position.
“The growth in that economy, the tech innovation ecosystem, I think the US is in a pretty good place.”
Turning to AI, the Goldman Sachs CEO says the impact of artificial intelligence echoes past technological cycles, where automation altered job functions without stopping companies and economies from growing.
“Technology is always changing work, changing jobs, adjusting the mix of different kinds of jobs. But it doesn’t mean that businesses don’t grow, economies don’t grow and opportunities for very productive people don’t grow.”
Solomon notes that certain skill sets in banking, particularly relationship-driven advisory work, remain hard to automate.
“There are jobs that will be different, and there are jobs that will go away… You can teach investment banking skills, but you can’t teach relationship building, trust, advice-giving — that’s an apprenticeship skill-based business.”
But amid the changing workforce landscape, Solomon says it is inevitable that some jobs will disappear.
“And I don’t think it’s going to be different this time, although I do think there are jobs that will be different, and there are jobs that will go away. But that doesn’t mean new jobs won’t be created.”
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