The S&P 500 has fallen for four straight weeks, while the Stoxx 600 has tested recent lows.
European stocks and U.S. futures fell on Friday morning in London, signaling the selloff may continue.
April was the worst month in more than two years for U.S. equities.
The bank's strategists compare the current situation to the 1973-1974 period during Richard Nixon's presidency.
Firm strategists said investment opportunities are moving away from cheaper, so-called value stocks.
Major equity indexes have struggled this year amid a deteriorating outlook for global growth.
The share of investors expecting the economy to deteriorate is the highest ever, a new survey says.
Michael Wilson has been one of Wall Street's most vocal bears.
The firm's analysts advised clients to prepare for a sharp economic slowdown.
Both Goldman and UBS predict the S&P 500 index will grow less than 2% this year.
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