Lloyd Blankfein, the Goldman Sachs Group Inc. senior chairman, said people should “dial back a bit” on their negativity following a series of corporate warnings on the economy.
His comments came the same day that Elon Musk said Tesla Inc. will cut its salaried workforce by 10%, and Reuters reported that the automaker’s chief executive officer told some managers he had a “super bad feeling” about the economy.
Executives from JPMorgan Chase & Co.’s Jamie Dimon to Citigroup Inc.’s Jane Fraser and Gary Friedman, head of furniture retailer RH, this week cautioned investors to be wary of an economic downturn. Last month, Blankfein himself urged companies and consumers to gird for a US recession, saying it’s a “very, very high risk.”
The former Goldman CEO said on Twitter Friday while these are “riskier times,” the economy “may yet land softly.”
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
