Lloyd Blankfein on China...Retail's Omnichannel Future...Being Out in the Workplace

Insights on markets, industries and the global economy [Goldman Sachs]( [BRIEFINGS] June 19, 2017 Lloyd Blankfein: China's Confidence on the Rise Goldman Sachs Chairman and CEO Lloyd Blankfein discusses China's growing sphere of influence on the world stage following a recent visit to Beijing, where he met with a cross-section of entrepreneurs, leaders of state-owned enterprises and government officials. The mood among the Chinese today is one of confidence, stability and "a sense of place in the world," said Blankfein, adding that "China is almost an island of stability" in a time of global instability. Blankfein notes he was struck by the quality of China's infrastructure, something the country has prioritized during its more than thirty years of rapid growth. Though China faces challenges, Blankfein says as he looks toward the future, the ways in which the US and China can engage with each other have never been more essential. "The most important international relationship in the world is the relationship between China and the United States," he says. "I just hope we both learn from each other." [Watch video]( SHARE: [twitter]( [facebook]( [LinkedIn]( [email](mailto:?subject=Lloyd%20Blankfein%3a%20China%27s%20Confidence%20on%20the%20Rise&body=http%3a%2f%2fwww.goldmansachs.com%2four-thinking%2fpages%2fchina-confidence-on-the-rise.html) Retail: Online, Offline, All the Time (Above L-R): Goldman Sachs' Jake Siewert, Kathy Elsesser and Kim Posnett. The US retail sector is undergoing a "fundamental shift," says Kathy Elsesser, global chair of retail investment banking at Goldman Sachs, as traditional brick-and-mortar firms contend with the rapid rise of ecommerce companies. But while that's resulted in store closings and job losses in recent months, the future of the space is likely to involve not only traditional players looking online for growth, but online players setting up their own physical shops. "You have a retail world that's sort of speeding up and slowing down at the same time," Elsesser says on our podcast, Exchanges at Goldman Sachs, where she was joined by Kim Posnett, global head of internet investment banking. Says Posnett: "Going forward... I don't think that success is 100 percent ecommerce; I don't think success is 100 percent offline... It has to be a marriage of the two." [Listen to podcast]( [Subscribe on iTunes]( SHARE: [twitter]( [facebook]( [LinkedIn]( [email](mailto:?subject=Retail%3a%20Online%2c%20Offline%2c%20All%20the%20Time&body=http%3a%2f%2fwww.goldmansachs.com%2four-thinking%2fpodcasts%2fepisodes%2f06-16-2017-elsesser-posnett.html) Briefly... on Being Out in the Workplace In celebration of Pride Month, Goldman Sachs' Marty Chavez, chief financial officer; Susie Scher, co-head of the Americas Financing Group in the Investment Banking Division; Jennifer Barbetta, who helps lead the Global Portfolio Solutions Group in Goldman Sachs Asset Management; and Sally Boyle, international head of Human Capital Management, shared their perspectives on being out in the workplace and creating a supportive culture in a conversation with Anilu Vazquez-Ubarri, chief diversity officer and global head of Talent. Anilu Vazquz-Ubarri: I'm a strong believer that our success as a firm depends on our people feeling comfortable being themselves at Goldman Sachs. Can you share how your work experience has changed by coming out? Susie Scher: For the first 14 years of my career, I was not out at work. I think this was a self-imposed barrier that was holding me back. It was a turning point in my career when I decided in 2000 that I just couldn't hide anymore. I had been at Goldman Sachs for just three years, however it was clear to me that being out at Goldman was going to be fine. I underestimated how incredible it would be to bring my "whole self" to work. People at Goldman Sachs were so tremendously supportive and accepting, even though there were very few people who were out on Wall Street at the time. My career took off -- I made managing director the following year. I strongly believe that being out at work will positively contribute to one's career advancement. Jennifer Barbetta: I completely agree with Susie. I truly think that coming out at work has only helped me professionally. You don't waste energy hiding who you are, which allows you to focus better at work and also helps build stronger relationships with colleagues. I also wasn't out during my early years at the firm. Not because I thought it would have a negative effect on my career -- I just personally wasn't ready. But one of my mentors told me that if I bring my whole self to work, people just get to know you better which leads to building a trusting relationship. And if people trust you, you will likely have more solid personal and professional relationships. That really resonated with me. Anilu Vazquez-Ubarri: Marty, as CFO, you've been very open about your journey as part of the LGBT community. What has that meant to you? Marty Chavez: For me, being out is being authentic -- it's really who I am. I never had a problem being out and gay at Goldman Sachs. I was very clear from when I first started at the firm in 1993 that the thing that mattered most was whether I was good at my job. That's much more important than whether I'm gay or straight. Some people may be concerned that their performance or pay will suffer if they come out, but I would suggest turning that on its head and thinking about all of the good things that won't happen to you if you're holding some of yourself back. Often we create our own prison cells through negative thinking. That's the bad news. The good news is that you can also let yourself out of it. Anilu Vazquez-Ubarri: Sally, as co-sponsor of the EMEA LGBT Network, what are the ways in which senior management can create a supportive working culture to be out? Sally Boyle: One of the most powerful programs we've instituted at the firm in recent years is our Ally program, which engages straight senior leaders across all divisions to serve as visible LGBT allies and champions of LGBT efforts in their division. The program has had a transformative effect on the workplace. Not only is it personally fulfilling for the allies -- I, myself, serve as an ally -- but there's also the education piece where they really learn what the LGBT issues are. Given the impact we have seen this program have internally, we recently collaborated with Stonewall, a leading UK organization that works for the advancement of LGBT equality, to develop a best practices [guide]( on how organization can support the engagement of senior allies. Goldman Sachs Media Highlights Wall Street Journal - June 12 [On Goldman Sachs' signing of power purchase agreement to spur renewable energy growth]( Bloomberg - June 12 [Joerg Kukies, co-CEO of Goldman Sachs in Austria and Germany, on the European economy]( (4:35) Bloomberg - June 13 [How Goldman Sachs has taken steps to automate the IPO process]( Japan Times - June 16 [Goldman Sachs Japan works to foster LGBT inclusivity]( LinkedIn - June 16 [Edith Cooper shares five lessons for the class of 2017]( [Subscribe]( The data provided in this newsletter is for information purposes only and should not be construed as investment or tax advice nor as a recommendation to buy, sell, or hold any particular security. Goldman Sachs believes the data in this newsletter is accurate, but does not verify its accuracy independently and does not warrant or guarantee that it is accurate or complete. Goldman Sachs has no obligation to provide any updates or changes to the data. 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