• Last year, Goldman named Kunal Shah co-CEO of its international business and global co-head of FICC.
• Shah made partner at just 31, having climbed to the top after about a decade with the bank.
• He spoke with Business Insider about the EMEA tech scene, global volatility, and the bank's future.

Not many people can say they've made partner at Goldman Sachs. Even fewer can say they did it at the age of 31.

Kunal Shah can say both.

Shah joined Goldman Sachs as an analyst in the firm's trading business in 2004 and rose to partner in about a decade. Last January, he was promoted to two new roles: co-CEO of Goldman Sachs International and global co-head of fixed income, currencies, and commodities. Based in London, he also holds a seat on the bank's overarching management committee.

As part of a new series of Q&As we're kicking off with some of Goldman Sachs' top executives, Business Insider had the chance to sit down with Shah to discuss Europe's tech sector, Goldman's presence in the Middle East, and what the financial industry's embrace of AI means for newcomers' careers.

Here's our conversation with Shah, edited for length and clarity.

What do you recall from those early years, and how did senior bankers mentor you during your ascent?

After graduation, what struck me when I hit the trading floor as a full-time analyst was that I had access to the then-partners, even when I was just a new kid on the trading desk. When I became a partner, I found the interconnectedness — your ability to make a call to any partner anywhere in the world, offering a clear baseline of trust — amazing.

I would call out Ashok Varadhan, who I have worked with since day one, and who is now the firm's co-head of global banking and markets. I first met him when he agreed to meet for a coffee when I was a fresh analyst and visited New York for my training in 2004. He was already a partner, but he took the time to connect, and we stayed in touch when I hit the trading floor in London. He would listen to my views and he welcomed debates around risks or initiatives.

From him, I learned to have a laser focus on risk management, but also a willingness to take and scale risk where there is opportunity in the business.

As new analysts hit the desk this summer, how do you see AI affecting the long-term outlook for bankers and traders?

Junior talent are inherently tech-savvy, and they don't have the legacy of why we do things in a certain way. They can see how to disrupt us.

Even when I was an intern, people were telling me, "Don't rotate into fixed income trading desks — it's all going to get automated." A lot of the administrative tasks that junior people used to do were no longer needed because we were able to leverage technology and tools to achieve scale.

For me, AI is just another natural extension of that. More of the mundane work — whether that's making presentations, building Excel models, or booking trades — doesn't need to be done in the same way.

The bottom-up experimentation I see across the whole organization is powered by the tools we've released. Once you equip your people with these tools, they can experiment and find things that could be game-changing.

If young people come in with the mindset of actually helping us to disrupt things, and to embrace the change, I think the experience they can have in this industry can be phenomenal.

You're at the helm of Goldman Sachs International as co-CEO of GSI and global co-head of FICC. What's the most interesting facet of being in those seats right now?

The common thread across both roles — and the thing I love most about them — is that no day is the same.

Working in FICC means you're right at the intersection of politics, macroeconomics, geopolitics, and how each of these interact at the micro level with different sectors and markets. Part of the job is balancing long-term strategic views with the constant flow of markets. Even now, if you look at this moment in time, there is uncertainty around commodity markets and you need to watch how that feeds into the monetary policy decisions of central banks, asset allocation shifts and more. There is almost consistency in the uncertainty, and that is inherently exciting to work amidst.

As co-CEO of Goldman Sachs International, I have been exposed to a much broader range of clients across the firm. Across the region, we've got around 29 offices — which means we have people, we have clients, and we have interactions with key policymakers, regulators, finance officials, and central bankers.

The US appears to be leading in AI investment and infrastructure. What's your outlook for the EMEA tech landscape, and how is that changing?

Over the last decade, the number of unicorns in the broader European context has tripled. The tech space in EMEA is much broader than people realize.

In terms of capital markets being US-centric — there is definitely an element there when you're talking about the hyperscalers, and this huge amount of AI-related debt issuance we're seeing. Many of those large tech platforms are quite US-centric. But I wouldn't say exclusively.

You can remember companies like DeepMind and others very much coming out of the tech ecosystem in Europe.

We are witnessing what is arguably the largest investment cycle in history, with our research teams estimating that hyperscaler capex could reach between $700 billion and $725 billion in 2026 alone.

While the US and China lead the LLM race, we also see a distinct competitive edge for the EMEA region at the AI application layer. European entrepreneurs are taking core models and building specialized, high-value software to solve industry-specific problems in robotics, autonomous drones, and smart factories.

As the conflict in Iran continues, how do you view the potential impacts of the Middle East conflict for Goldman's international businesses?

We have five offices in the region — in Abu Dhabi, Dubai, Doha, Riyadh, and Kuwait — and over 100 people. In the past 12 months alone, we announced our office opening in Kuwait, a new office in Riyadh, and the onshoring of our private wealth business there. We are active across advisory, financing, markets and as an asset manager and investor.

The countries in the Gulf Cooperation Council have managed the situation very well so far, both from maintaining a safe environment but also ensuring that the countries continue to operate with a good sense of as much normality as possible given the situation.

Once we move beyond the current conflict, the renewed focus on infrastructure and resilience will bring other opportunities for us to help our clients, and our presence there enables our ability to do so.

• The effects of higher oil prices could cut slash 10,000 jobs a month, Goldman Sachs says.
• The bank said it expects the unemployment rate to rise to 4.6% by the end of the year.
• Higher oil prices can raise inflation and hurt consumer spending, which could worsen the hiring slowdown.

The oil price shock could cost the US economy thousands of jobs a month, according to a new analysis from Goldman Sachs.

In a note to clients on Thursday, a team of economists at the bank said they anticipate higher unemployment and slower job growth through the end of the year as the impact of higher oil prices ripples across the US economy. In the bank's baseline scenario, the oil price shock could shave off around 10,000 new jobs a month through the end of the year, even after accounting for expected job gains in the energy sector.

While higher oil prices have historically led to new jobs in the energy sector, those gains could be more muted this time around, given how the oil extraction business has become more efficient in recent years, Goldman said.

The bank also said it expects the unemployment rate to tick higher to 4.6% by the end of the third quarter. The unemployment rate rose unexpectedly to 4.4% in February, while the economy lost 92,000 jobs, according to the latest nonfarm payrolls report.

"The upward pressure on unemployment primarily reflects lower hiring, with a smaller contribution from higher layoffs, in industries most exposed to weaker consumer spending," the economists wrote.

Markets have been anxious about how much damage the Iran war could cause to the US economy. Higher oil prices could push up the prices of other goods and raise inflation — but the fallout could extend much further, given that consumers are likely to pull back spending in other areas, hurting growth and potentially causing hiring to slow.

Goldman said it expected the hiring slowdown to be the most pronounced in leisure and hospitality. In the bank's baseline scenario, the sector could lose around 5,000 jobs a month through the end of the fourth quarter.

Retail trade, manufacturing, and education and health services were also among the bank's most affected sectors.

The risks stemming from higher crude prices are coming at a time when the labor market has already been steadily cooling, with hiring slowing for most of the past year while job cuts have crept higher. After accounting for downward revisions, the US added 181,000 jobs last year, down from the 1.4 million added the year prior, according to the Labor Department.

• Allison Sheehan ran a baking business while working in private wealth at Goldman Sachs.
• She left Goldman after she said the firm told her she couldn't keep her online brand.
• Now, she's using her Wall Street skills, like capital allocation, to scale her cake business.

This as-told-to is based on a conversation with Allison Sheehan, 26, a former analyst for private wealth at Goldman Sachs and student at Northwestern's Kellogg School of Management, where she's building her baking brand, Alleycat. Business Insider has verified her roles at Goldman and her current school enrollment. The interview has been edited for length and clarity.

Baking cakes started out as a college hobby — I'd make them for my sorority sisters and, once word got out, the broader Dallas community. When I landed a job in operations at Goldman Sachs in Utah, I stopped baking entirely, though I still longed to build up my cake empire. I had no family, no friends, no nothing in Utah, and was focused on getting transferred to New York.

I eventually got a job in the wealth management unit in New York. It was a part operational, since I was opening accounts and managing money, but also client-facing, which I loved.

As soon as I got to New York, I restarted my baking social media accounts, which had around 500 followers at the time, and announced that I was back in business. Orders picked up, but I didn't have time for all of them, so I capped it at three cakes a week, creating a scarcity model. I sold out weekly for about 6 months before expanding to up to 10 cakes.

That's when I started struggling to fit everything in, but I was getting good traction, making cakes for companies and fashion houses, like Goop. A typical day meant waking up at 5 am to frost a cake, going to the gym, going to work, baking a cake, going to dinner with friends, and going to sleep. I spent all my spare moments invoicing clients or editing videos. In 2023, my friend's boyfriend said I should post under the handle "investment__baker," but I was careful not to mention anything about where I worked or my exact job.

I learned valuable skills at Goldman

Goldman's high-stakes hustle culture has helped me build the brand — I had to be responsive, communicative, and accurate, all skills I use now. I always quickly consolidate my notes and immediately flag any concerns to product developers or suppliers. On the communication front, I'm able to connect people across the supply chain, from technical food scientists to more creative-minded brand designers. And when it comes to accuracy, I'm precise about costs, even on volatile products like cocoa, and margins.

In wealth management, I learned a lot about capital allocation, helping clients balance their portfolios and plan for expenses. But I learned just as much from my own failures.

After I started taking on more orders, I rented a commercial kitchen on the Lower East Side to bake and teach workshops. It solved logistical problems but drained my bank account. Every penny I made from baking went toward rent, and I eventually had to return to my apartment. That was definitely not a good capital allocation strategy, since it almost left me broke.

Goldman gave me an ultimatum

At that point, I knew I needed to go all in on my business and decided to apply to business school. Studying for the GRE while working and running the business was unsustainable.

My health deteriorated, and I broke down at work, having a panic attack and sobbing to my very understanding VP. I went home to Wisconsin for two weeks, shut down all of my social media accounts, and brought my brand to an awful, screeching halt.

Six months later, I reopened the account, with 2,000 fewer followers and almost no DMs. The momentum came back quickly, though, until, boom: Goldman's compliance team called me in and asked me to delete all of my content or leave the firm. They said the word "investment" on my social handles alluded to my job, and I had to delete everything. After finishing my business school interviews a few months later, I un-archived all of the content, got called in again, and quit.

I couldn't waste the five years of time and energy I'd poured into this business.

Goldman is still helping me now

I've scaled back my custom cake business and am focused on building my consumer packaged goods products: dry cake mixes and frosting, like the kind you can scoop out of the jar. I've finished the formulation, secured suppliers, and gotten my nutritional label approved, but I'm still struggling to find a manufacturer.

Small brands have to convince manufacturers they're a worthwhile investment. From their perspective, why spend time onboarding a tiny Instagram baker who could easily fail?

That's where Goldman has come in. Beyond knowing how to build a nice deck and balance a budget, my background at such a prestigious firm lends me credibility. It comes up in conversations, and I'll include it in presentations, since I'm proud to have worked there. The firm is relevant to my online brand, too, since I still post as the investment baker and share investing advice.

I'm making a fraction of my Goldman salary, but I'm fundamentally a creative person. I couldn't spend my life behind a desk. When I started, my goal was to make a cake for a celebrity, which I've done multiple times, including for Brooke Shields. Now, I want to bring home baking back — and revolutionize the grocery aisles.