President Trump called out Goldman Sachs’ (GS) research team for a stock market forecast it made earlier in the year, which initially predicted the S&P 500 (^GSPC) would finish the year lower as the US economy entered recession following the initial “Liberation Day” tariff announcements.
Specifically, Trump targeted Goldman Sachs CEO David Solomon in a Truth Social Post Tuesday while also taking a swing at the executive’s hobby as a DJ.
“David Solomon and Goldman Sachs refuse to give credit where credit is due,” Trump wrote in a Tuesday post in Truth Social while lauding the revenue from tariffs and a stock market that’s hovering near record highs. “They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution.”
Goldman Sachs declined to comment on the post.
On April 9, Goldman’s economic research team joined a growing list of Wall Street economists who believed the potential growth hit from Trump’s aggressive tariffs stance would push the US economy into recession in 2025.
But within that same afternoon, Trump placed a 90-day pause on a wide swath of his so-called “reciprocal” tariffs, and Goldman quickly rolled back its recession call.
Read more: What Trump’s tariffs mean for the economy and your wallet
During that same time period in the spring, Goldman’s equity strategy team was among the more than 10 Wall Street firms tracked by Yahoo Finance that cut its year-end target for the S&P 500 as the stock market tanked in reaction to tariffs.
The equity strategy team led by David Kostin moved its year-end target for the S&P 500 to as low as 5,700, which would’ve reflected a negative year for the benchmark index. But as the market has rallied, Kostin, along with many others on Wall Street, has become more positive on equities. Kostin now sees the S&P 500 ending the year at 6,600, or roughly 3% higher than where the index was trading on Tuesday.
Calling out Solomon is just the latest example of Trump criticizing the bosses of the country’s largest banks. Last week, during an interview with CNBC’s “Squawk Box,” Trump named Bank of America CEO Brian Moynihan and JPMorgan Chase CEO Jamie Dimon, claiming that their banks, along with others, “discriminated against me” by denying him banking services.
Brian Moynihan “was kissing my ass when I was president,” Trump said in that interview, but would not accept his deposits after his first term as president.
The social media post also comes as Trump has been inviting some of these same Wall Street CEOs one by one to discuss a potential public offering for mortgage giants Fannie Mae and Freddie Mac later this year, the Wall Street Journal first reported and senior officials confirmed last Friday.
As part of those plans, the chiefs of big Wall Street banks, including Solomon, Moynihan, and Dimon, have individually recently visited the White House to discuss what such a deal could look like. This offering — potentially the largest IPO to date — would be expected to yield a major payday for the banks.
Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.
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