Goldman Sachs (GS) - Get Report CEO David Solomon expects the distribution of the coronavirus vaccine to allow employees of the investment and commercial bank to return to their offices by the end of the year.
"The big focus right now is we’ve got to get people vaccinated -- we’ve got to get to the other side,” Solomon told Bloomberg Television Tuesday. “I certainly would expect a lot of Goldman Sachs employees back in full by the end of the year. We will get through this, and I’m really hopeful that over the course of the next six months we see a real improvement.”
The executive expressed cautious optimism about the vaccine's rollout, despite the U.S. only distributing about a tenth of the 20 million doses so far that President Donald Trump said would be administered by the end of 2020.
“There’s still work to be done. And once we deal with the vaccine and the virus, and people feel safe, we’re still going to have to deal with the economic consequence of the shutdowns and the impact on our economy that this pandemic’s had," Solomon said.
Shares of Goldman Sachs were rising 1.62% to $269.30 on Tuesday.
On Monday, vaccine maker Moderna (MRNA) - Get Report said it plans to deliver at least 100 million doses of its newly-approved vaccine by the end of March, and boosted the lower end of its year-end target to 600 million.
Moderna, which won Emergency Use Authorization from the U.S. Food & Drug Administration for its mRNA 1273 vaccine in early December, said at least 200 million doses will be available in the U.S. by the end of June, and listed its year-end target for global doses to between 600 million to 1 billion.