Jason Hall

Now, for Goldman, bull markets and volatility are really good for the equity business.

As we got to the end of the quarter,

Again, we go from record highs, markets active, lots of trading volume, that's good.

And then the end of the quarter, you're going to see lots and lots of their clients are repositioning their portfolios, like hedge fund clients and different investment managers like that.

And also lots of volatility with oil.

So they're trading deaths for commodities.

All the commodities that we're going to talk about that go through this trade of Hormuz, lots of action happened there, but still ended up with the commodities bucket.

Again, FICC broadly is a lot of other things.

So you think about the weakness in the mortgage business, uncertainty with interest rates.

Not that long ago, the betting money was on a couple of interest rate cuts this year.

Now we're saying the Fed might be raising rates.

So if there's any one real takeaway, there's not like a clean, obvious takeaway.

It's just a reminder that nothing is working perfectly all the time.

Jason, how about you?

So I mentioned that Goldman's, it's not like the commercial banks or universal banks out there.

And in a lot of ways that makes its relationships, because it tends to be more concentrated in its customers, even more important.

So I expect that we're going to hear David Solomon and his team, they're really going to lean on those deep relationships with its clients.

The track record of results that it's delivered backs up the depth of those relationships.

And it's precisely for the kinds of uncertainty that we're navigating

right now and i mean it's broad whether it's things like acting as a market maker helping finance trading activity across any assets assisting with mergers and acquisitions wealth management and like rachel was talking about helping finance and deliver on those big ipos this is a business that has the resources to deliver for its clients on whatever its clients goals are now one more thing i want to note it's not like its other the commercial banks but it has a growing loan book