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Global Advisors is a leader in defining quantified strategies, decreasing uncertainty, improving decisions and achieving measureable results.
We specialise in providing highly-analytical data-driven recommendations in the face of significant uncertainty.
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Strategy Tools: SWOT analysis
SWOT analysis is a simple but useful framework for analysing an organization or individual’s strengths and weaknesses, and identifying the opportunities and threats that are faced1. As such, the tool can be used in both a business and a personal context. Fundamental to this tool is the analysis of both internal and external factors. For example, while strengths and weaknesses are often internal to and organisation, opportunities and threats tend to relate to external factors such as competitors’ actions and changing market dynamics.
Fast Facts
Mining’s contribution to South Africa’s GDP has declined while financial services has increased its dominance
Mining is the only sector to have experienced an overall decline in contribution to South Africa’s GDP since 1993 with a negative CAGR of -1,3%.
The decrease in mining’s contribution to GDP has been a result of an increase in secondary and tertiary industries as well as a continuing decline in gold – and recently platinum – production over the years.
Mining companies have faced a myriad of obstacles including inadequate transport and logistics, electricity rationing warring unions and increasing labour costs – labour costs per kilogram of gold have more than quadrupled in the last decade.2
Going forward, government efforts in developing the downstream or beneficiated minerals industry could increase mining’s indirect and thus overall contribution to GDP.
Financial services however has grown from 17% of 1993 GDP to 24% of 2012 GDP and has outstripped growth of every sector bar communication.
Selected News
Quote: David Solomon – Goldman Sachs CEO
“If the firm grows and you expand and you can invest in other areas for growth, we’ll wind up with more jobs… we have at every step along the journey for the last forty years as technology has made us more productive. I don’t think it’s different this time [with AI].” – David Solomon – Goldman Sachs CEO
David Michael Solomon, born in 1962 in Hartsdale, New York, is an American investment banker and DJ, currently serving as the CEO and Chairman of Goldman Sachs. His journey into the financial sector began after he graduated with a BA in political science from Hamilton College. Initially, Solomon worked at Irving Trust Company and Drexel Burnham before joining Bear Stearns. In 1999, he moved to Goldman Sachs as a partner and became co-head of the High Yield and Leveraged Loan Business.
Solomon’s rise within Goldman Sachs was swift and strategic. He became the co-head of the Investment Banking Division in 2006 and held this role for a decade. In 2017, he was appointed President and Chief Operating Officer, and by October 2018, he succeeded Lloyd Blankfein as CEO. He became Chairman in January 2019.
Beyond his financial career, Solomon is known for his passion for music, producing electronic dance music under the alias “DJ D-Sol”. He has performed at various venues, including nightclubs and music festivals in New York, Miami, and The Bahamas.
Context of the Quote
The quote highlights Solomon’s perspective on technology and job creation in the financial sector. He suggests that while technology, particularly AI, can enhance productivity and potentially lead to job reductions in certain areas, the overall growth of the firm will create more opportunities for employment. This view is rooted in his experience observing how technological advancements have historically led to increased productivity and growth for Goldman Sachs.
Leading Theorists on AI and Employment
Several leading theorists have explored the impact of AI on employment, with divergent views:
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Joseph Schumpeter is famous for his theory of “creative destruction,” which suggests that technological innovations often lead to the destruction of existing jobs but also create new ones. This cycle is seen as essential for economic growth and innovation.
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Klaus Schwab, founder of the World Economic Forum, has discussed the Fourth Industrial Revolution, emphasizing how AI and automation will transform industries. However, he also highlights the potential for new job creation in emerging sectors.
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Economists Erik Brynjolfsson and Andrew McAfee have written extensively on how technology can lead to both job displacement and creation. They argue that while AI may reduce certain types of jobs, it also fosters economic growth and new opportunities.
These theorists provide a backdrop for understanding Solomon’s optimistic view on AI’s impact on employment, focusing on the potential for growth and innovation to offset job losses.
Conclusion
David Solomon’s quote encapsulates his optimism about the interplay between technology and job creation. Focusing on the strategic growth of Goldman Sachs, he believes that technological advancements will enhance productivity and create opportunities for expansion, ultimately leading to more employment opportunities. This perspective aligns with broader discussions among economists and theorists on the transformative role of AI in the workplace.
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