In other news, UBS predicts big interest-rate cuts next year due to a predicted economic slowdown, Moody's Investors Service has downgraded the US's credit rating outlook, and Instagram and Facebook are reportedly growing faster than TikTok. The article also mentions that OpenAI is trying to recruit Google AI employees with $10 million pay packages, and that chatbots could potentially make social media less toxic.
Key takeaways:
- Goldman Sachs has undergone significant changes under CEO David Solomon, including raising the bank's share price, despite some missteps and negative media attention.
- Changes in the financial world, such as the rise of private-equity firms and regulations requiring banks to hold more capital, have necessitated Goldman Sachs' evolution.
- UBS predicts big interest-rate cuts next year due to an expected slowdown in economic growth in 2024.
- Instagram and Facebook are growing faster than TikTok in terms of daily usage and app downloads, while OpenAI is reportedly offering $10 million pay packages to lure Google AI employees.