Goldman Sachs customers go cold on investing in US

CLIENTS at Goldman Sachs are increasingly asking the banking giant to move their money away from the US, bosses in the firm’s investment arm have warned.

- By Elliot Gulliver-Needham

Matt Gibson, head of client solutions at Goldman Sachs Asset Management, voiced concerns, saying: “The US is not thought to be as safe and dominant as it was six months ago.”

The banking chief said customers were asking the bank if the US stock market rally had “run its course” and whether they should be looking to European and Chinese stocks.

Goldman Sachs is now forecasting that the US economy will grow by around 1% in 2025 — down from its forecasts of 2.2% at the start of the year.

When asked if clients were taking action to move away from the US, Mr Gibson said: “Everyone’s thinking it.”