Goldman Sachs Targets ‘Huge Opportunity’ Despite Iran Shock

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(Bloomberg) — Goldman Sachs Group Inc.’s international co-heads say the turbulent start to the year has done little to deter clients, underscoring Wall Street’s bullish outlook despite events like the Iran war.

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“Our clients want us to be on the ground to give them the advice and support they need,” Anthony Gutman, who runs the international business with Kunal Shah, said in an interview with Bloomberg TV, saying the bank sees a “huge opportunity” despite the ongoing conflict. 

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“Even though our clients don’t have clarity I think the good thing here is that that hasn’t actually held up activity,” Shah said in the interview. The pair have been visiting the investment bank’s offices around the world to reassure staff and engage with clients navigating the uncertainty. 

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The two London-based bankers were appointed as co-chief executive officers of Goldman Sachs International in early 2025 and have faced an array of global shocks since then, including stemming from the US administration’s tariff policies, the capture of Nicolas Maduro in Venezuela and the conflict in Iran.

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For Goldman Sachs, the bank is emphasizing a message that it’s doing business as usual in the Middle East. The US investment firm, which has five offices there with 100 staffers, is committed to the region, Gutman said, citing recent deals with the Qatar Investment Authority and Saudi Arabia’s Public Investment Fund. The two said capital deployment levels are relatively stable, though clients are adapting to a “new environment.”

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The sentiment echoed Moelis & Co. Chief Executive Officer Navid Mahmoodzadegan, who described a “return to normal” in the Middle East in a separate interview with Bloomberg TV on Tuesday. 

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“There’s a real opportunity when we get on the other side of this to get to a new Middle East,” he said. Companies in the region including in energy, telecommunications and leisure sectors are investing heavily, though some deals have been delayed in the short-term, he said.

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The Goldman Sachs executives also stressed the need for political stability in Europe and are pushing for a more pro-growth agenda.

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In the UK, the government is looking to loosen its ring-fencing regime, which forces large banks to separate retail divisions from the trading units. For Goldman Sachs, that would mean the US investment giant would have more flexibility to grow assets and boost lending in the country. The bank expanded into the UK retail market by launching its Marcus platform, which provides products including high-yield savings accounts. 

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(Adds details on sentiment.)

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