John Waldron on GDP Growth, AI, and the M&A Outlook

Goldman Sachs President and COO John Waldron says clients have a cautiously optimistic outlook and the surge in M&A is a sign of that confidence. In the Exchanges podcast, he also discusses opportunities in asset and wealth management and how AI can help the firm serve clients better. Key takeaways: 1. The momentum in M&A should continue: Corporate M&A could rise 30% to 35% in 2026, supported by strong pipelines for dealmaking and companies pursuing both scale and sharper strategic focus. 2. Investors are optimistic about economic growth in the US and Asia: While economic expansion in Europe is more muted, Waldron says the environment there is constructive and may be better than “the narrative suggests.” 3. Firm strategy, recent acquisitions, and AI are important to the firm: Waldron says targeted acquisitions are building strength and capabilities in asset management, and discusses AI use at the firm. [00:00] Introduction [00:34] Client confidence amid higher costs [03:55] Growth across the US, Asia, and Europe [06:21] M&A momentum and the bias for scale [08:05] Financing and wealth management opportunities [09:49] Goldman Sachs's four-part AI strategy [12:57] Targeted acquisitions and integration Also available on Spotify (https://click.gs.com/myyr) and Apple Podcasts (https://click.gs.com/7x11) This episode was recorded on November 3, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. © 2026 Goldman Sachs. All rights reserved.