“The Future is Here” Lecture Series-Global Financial Crisis 10 Years On:The Goldman Experience

Time: 2018-10-10 13:45 Print

On Oct. 8, Lecture Series “The Future is Here: Global Leaders on the Changing World” welcomed its third speaker Harvey Schwartz, former President and Co-COO of Goldman Sachs Group. Mr. Schwartz reviewed the global financial crisis in 2008 drawing Goldman Sachs’s experience and shared his insights on the future of global economy and finance. 

Schwartz said that the most important lesson learnt from the 2008 financial crisis is that much attention shall be paid on systemic risk. As global markets closely interconnected and financial institutions interdependent, the impact of financial crisis on global market is profound and extensive. He stressed cross-nation cooperation and policy coordination between central banks when coping with financial crisis, which helps to stabilize financial system and build a new order after crisis.

In the dialogue session with Dr. Zhu Min, Chair of NIFR, Schwartz gave a detailed overview of Goldman Sachs' experience in responding to crisis. As for enterprises, he suggested, they should know and use their own resources properly while paying attention to risk management and early-phase risk control. Additionally, to strengthen teamwork and communication is key to establishing an internal communication mechanism and culture in place to respond to emergencies. Lastly, take requirements of clients seriously and help them with their interests in mind.

Zhu Min said, after 10-year development post crisis, it has become an important topic that the market is entering a new phase where interest rate returns to a new normal. In addition, by referring Schwartz's career achievements, he encouraged the students to gain a broad vision and work hard to keep up with the times. 

During the interaction with audience, Schwartz shared his views on topics including potential financial risk, U.S. economy trend, future development of China-US trade relation and Fintech. He pointed out the contravariant trend of interest rate and quantitative easing policy will bring huge impact on global financial landscape and require close attention.  

“The Future is Here: Global Leaders on the Changing World” Lecture Series is organized by Tsinghua PBC School of Finance (PBCSF) and National Institute of Financial Research (NIFR), Tsinghua University, inviting world-renowned leaders and academics to share their views on the frontier trend of world development. Previous speakers include Maurice Obstfeld, Chief Economist of the International Monetary Fund, and Peter Maurer, President of the ICRC. In lectures to follow, speakers may include Raymond T. Dalio, Chairman and Co-CIO of Bridgewater Associates, Jacob Frenkel, Chairman of JPMorgan Chase International, Douglas Peterson, CEO of S&P Global and Masahiko Uotani, CEO of Shiseido.