Our clients want us on the ground to give them the counsel and support they need
Even as conflict with Iran reshapes the geopolitical landscape of the Middle East, Goldman Sachs is choosing presence over retreat — a posture that speaks to something enduring in the logic of capital: that uncertainty, however acute, rarely extinguishes the human appetite for investment and counsel. In May 2026, the bank's international co-heads used a Bloomberg TV appearance to affirm that client engagement across the region remains steady, pointing to recent deals with sovereign wealth funds in Qatar and Saudi Arabia as proof that serious money continues to move. It is a reminder that financial institutions often read crisis not as a closing door, but as a corridor toward the next arrangement of power and opportunity.
- An escalating conflict with Iran and cascading global disruptions — tariff wars, political upheaval — have created a climate of deep uncertainty for businesses operating across the Middle East.
- Despite the turbulence, Goldman Sachs clients have not pulled back from seeking advisory services or deploying capital, defying the expectation that geopolitical shock would freeze deal-making.
- The bank is actively signaling confidence through action: closing deals with Qatar's Investment Authority and Saudi Arabia's Public Investment Fund while maintaining five regional offices and roughly 100 staff on the ground.
- Rival firm Moelis & Co. echoes the same read, describing a 'return to normalcy' with energy, telecom, and leisure sectors still investing heavily — framing current delays as postponements, not cancellations.
- Goldman is simultaneously lobbying for regulatory relief in the UK, pushing to relax ring-fencing rules that separate retail and trading operations, a move that would expand its flexibility to grow assets and lending in Europe.
In May 2026, Anthony Gutman and Kunal Shah — the co-heads of Goldman Sachs' international operations, appointed just months earlier — sat before Bloomberg TV cameras to deliver a carefully calibrated message: the bank is not leaving the Middle East. The two executives had spent recent months traveling to Goldman offices worldwide, steadying staff and reassuring clients through a year of compounding shocks — tariff conflicts, political upheaval, and a deepening confrontation with Iran.
Yet their central claim was striking in its confidence: client demand for Goldman's advisory and capital deployment services has not wavered. Gutman described the region as representing an 'enormous opportunity,' while Shah emphasized that uncertainty has not translated into paralysis. The bank's five Middle Eastern offices, staffed by around 100 people, recently closed deals with Qatar's Investment Authority and Saudi Arabia's Public Investment Fund — concrete signals that capital is still moving, even if clients are adapting to a changed environment.
Theirs was not a lone voice. Navid Mahmoodzadegan, CEO of Moelis & Co., offered nearly identical language in a separate interview, pointing to a 'return to normalcy' and noting that energy, telecommunications, and leisure companies are continuing to invest substantially. Some transactions have been delayed, he acknowledged — but delayed, not abandoned.
Beyond the Middle East, Gutman and Shah used their media presence to press a second agenda: urging the UK government to loosen ring-fencing rules that require large banks to separate retail from trading operations. For Goldman — which already operates the Marcus digital savings platform in Britain — relaxing these restrictions would open meaningful room to grow. The broader portrait these executives were drawing was one of resilience: a world in turbulence, yes, but one where the fundamental work of banking — connecting capital to opportunity, managing risk, advising on deals — continues uninterrupted. The Middle East, in their telling, remains open for business.
Anthony Gutman and Kunal Shah, who jointly lead Goldman Sachs' international operations from London, sat down with Bloomberg TV in May to deliver a message their firm wanted heard clearly: the bank is not retreating from the Middle East. The two executives, appointed to their roles in early 2025, have spent recent months traveling to Goldman's offices around the world, steadying staff and reassuring clients navigating a year marked by geopolitical shocks—tariff wars, the capture of Venezuela's Nicolás Maduro, and an escalating conflict with Iran.
Yet despite these tremors, Gutman and Shah insisted that client demand for Goldman's advisory services and capital deployment has not wavered. "Our clients want us on the ground to give them the counsel and support they need," Gutman said, describing what he sees as an "enormous opportunity" even as the conflict persists. Shah echoed the point: uncertainty has not frozen activity. The bank's message was deliberate and consistent—business continues.
Goldman Sachs maintains a modest but meaningful footprint in the Middle East: five offices staffed by roughly 100 people. The firm has recently closed deals with Qatar's Investment Authority and Saudi Arabia's Public Investment Fund, concrete evidence of ongoing engagement. Capital deployment levels remain relatively stable, the executives said, though clients are clearly adapting to what they called a "new environment." The bank is signaling that it sees the region not as a place to hunker down but as a place where serious money is still moving.
This optimism was not unique to Goldman. Navid Mahmoodzadegan, CEO of Moelis & Co., used nearly identical language in a separate interview, describing a "return to normalcy" in the Middle East. He noted that companies across energy, telecommunications, and leisure are investing heavily, though some transactions have slipped to the right on the calendar. The implication was clear: delays, not cancellations. The region's appetite for capital and deal-making remains intact.
Gutman and Shah also pressed a second agenda during their media rounds: Europe needs political stability and growth-friendly policy. In the United Kingdom specifically, they are pushing the government to relax its ring-fencing rules, which force large banks to separate retail operations from trading units. For Goldman, loosening these restrictions would mean more flexibility to grow assets and expand lending. The bank has already moved into British retail banking through Marcus, its digital savings platform. Relaxing the rules would give it more room to maneuver.
The broader picture these executives were painting is one of resilience and opportunity. Yes, the world is turbulent. Yes, there is a war with Iran. Yes, clients lack clarity about what comes next. But none of that, they insisted, has stopped the fundamental work of banking—connecting capital to opportunity, advising on deals, managing risk. The message was not that the Middle East is safe or stable. It was that it remains open for business, and Goldman Sachs intends to be there when the dust settles.
Notable Quotes
Our clients want us on the ground to give them the counsel and support they need, and we see an enormous opportunity despite the ongoing conflict.— Anthony Gutman, co-head of Goldman Sachs International
Although our clients lack clarity, the good news is that uncertainty has not really slowed down activity.— Kunal Shah, co-head of Goldman Sachs International
The Hearth Conversation Another angle on the story
Why would Goldman Sachs be so publicly bullish right now, when the headlines are so dark?
Because their clients are still calling. If the phones went silent, they wouldn't be talking about opportunities—they'd be talking about caution. The fact that they're emphasizing continuity means the money hasn't stopped moving.
But isn't that just spin? Saying what investors want to hear?
Partly, yes. But it's also a self-fulfilling prophecy. If Goldman retreats, it signals weakness to clients. If they stay visible and confident, clients stay engaged. The five offices and 100 people are real. The Qatar and Saudi deals are real.
What about the short-term delays they mentioned? Doesn't that contradict the optimism?
No—it actually supports it. Delays mean deals are still being negotiated, just slower. If they'd said deals were canceled, that would be different. Delays suggest the region is recalibrating, not collapsing.
And the push to relax UK banking rules—is that connected to the Middle East story?
Not directly. It's a separate play for more flexibility in Europe. But it shows Goldman is thinking expansively across regions, not just defending what it has.
So what are they really saying?
That geopolitical risk is priced in now. Clients have adjusted. The conflict with Iran is the new normal, not a shock. And in that new normal, there's still money to make.