Amazon founder and Executive Chairman Jeff Bezos echoed an investment banking CEO’s warning of a looming recession on Tuesday.
“Yep, the probabilities in this economy tell you to batten down the hatches,” Bezos tweeted in response to a video of Goldman Sachs CEO David Solomon.
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Yep, the probabilities in this economy tell you to batten down the hatches. https://t.co/SwldRdms5v
— Jeff Bezos (@JeffBezos) October 18, 2022
“I think you have to expect that there’s more volatility on the horizon,” Solomon said in an interview with CNBC’s Squawk Box on Tuesday. “Now, that doesn’t mean for sure that we have a really difficult economic scenario. But on the distribution of outcomes, there’s a good chance that we have a recession in the United States.”
“That environment heading into 2023 is one that you’ve got to be cautious and prepared for,” he added.
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Earlier that day, Goldman Sachs released its third quarter report with findings that surpassed analyst expectations for both profit and revenue. According to the company, profits fell 43%, which was better than expected, and revenue only fell 12%.
JPMorgan Chase CEO Jamie Dimon also warned of a recession in early October, explaining, “These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now.”
