Economic ChallengesGlobal economic slowdown, prolonged high market interest rates, noticeable contraction in market liquidity, and a substantial correction in global asset valuation are potential challenges.
Market ExpectationsMarket expectations for GS are much higher than they have been, leaving room for disappointment.
Valuation ConcernsValuation is considered relatively full at current levels, considering mid-teens normalized ROTCE and consensus estimates in the 13-14% ROTCE range over 2025-26.