Goldman CEO warns of economic ‘storm’: These are the toughest times I’ve ever seen

A senior Goldman Sachs Group Inc. executive echoed the dovish tone of JPMorgan CEO Jamie Dimon, warning of tougher times ahead amid a series of shocks rocking the global economy.

“This is one of the most dynamic and complex environments, if not the most, that I have seen in my career,” Goldman Chairman John Waldron said at an investor conference on Thursday, June 2. “The confluence of shocks in the system is unprecedented” .

Waldron’s comments echoed the stern warning by Dimon, chief executive of JPMorgan Chase & Co., who warned investors to prepare for a “hurricane” amid an unprecedented mix of challenges.

Waldron said he will avoid “using any climate analogies” but expressed fear that risks from inflation, changing monetary policy and Russia’s invasion of Ukraine could put the world economy in jeopardy.

“We expect more difficult economic times,” Waldron said. “There is no question that we are seeing a more difficult capital markets environment,” he added.

The investment banker expressed surprise at the resilience in the merger market, “which is inconsistent with everything I’ve been talking about.”

“That’s going to start to turn around because you see demand destruction, CEOs become a little less confident,” Waldron said. “That is a reasonable expectation, but we are watching it carefully as a signal.”