The upcoming wave of technology initial public offerings (IPOs) has the potential to revitalize sluggish capital markets, according to Goldman Sachs’ CEO, David Solomon, in an exclusive interview with CNBC’s David Faber.
Solomon mentioned that companies considering going public, such as chip designer Arm and grocery delivery service Instacart, will closely monitor the performance of these upcoming IPOs.
“If Arm and other IPOs perform well over the next few months, I anticipate a significant increase in IPO activity,” said Solomon.
This resurgence in IPOs and mergers would be a welcome development for Goldman Sachs and the rest of Wall Street, which have experienced a lack of activity in recent times. After achieving record revenue in 2021, Solomon has had to address internal criticism and dissent regarding his decision-making and leadership style.
Solomon addressed the negative coverage, stating that the portrait painted of him in the media is a misrepresentation that he does not identify with, in an article published by New York Magazine.
“It’s disheartening to witness the personal attacks in the press,” Solomon expressed. “The caricature portrayed does not resemble who I am. My colleagues and clients share the same sentiment.”
During the comprehensive interview, Solomon tackled topics such as stricter banking regulations, Goldman’s focus on consumer finance, and the mergers market. He anticipates an increase in acquisitions as CEOs regain confidence in the coming months.
“CEOs worldwide are eager to resume business. However, the rebound in the mergers market might take longer compared to IPOs,” cautioned Solomon.
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