Goldman Sachs (GS): FY24 Q4 earnings call, Jan 15, 2025

…that the lack of transparency and the Fed's current stress testing creates uncertainty and at times produces results we cannot understand and which can lead…

…confidence and desire from sponsors to transact. While there remains some policy uncertainty, there is an expectation that the regulatory burden will be reduced, which…

…us when you think about the regulatory outlook and I appreciate significant uncertainty we're waiting for policymakers to kind of take new feed, but how…

…to the extent we have excess capital return it to shareholders, all the while managing an appropriate buffer given some of the ongoing regulatory uncertainty.

…and the direction of travel. And I'd say, at the moment, there's uncertainty. When you look broadly across immigration policy, trade policy, tax policy, energy…