Goldman Sachs CEO braces for above trend inflation

Goldman Sachs Group Inc. GS, -2.20% CEO David Solomon on Thursday said Solomon said 2022 will mark a shift from low interest rates and tame inflation to tighter borrowing conditions and above-trend inflation. In its first investor day since 2020, the financial services provider boosted its 2024 financial targets. The bank now expects to book $350 billion in inflows in its asset management and wealth management by 2024, up from its earlier target of $250 billion. The firm is projecting 14% to 16% return on equity, up from its earlier target of greater than 13%. It’s projecting $225 billion in gross alternatives fundraising by 2024 and greater than $10 billion in firmwide management fees. Shares of Goldman Sachs fell 0.4%.