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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

  

CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

      

   

Date of Report (Date of earliest event reported): June 28, 2024

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 001-14965

 

Delaware      13-4019460

(State or other jurisdiction of

incorporation)

     

(IRS Employer

Identification No.)

200 West Street, New York, N.Y.      10282
(Address of principal executive offices)      (Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class    Trading
Symbol		   

Exchange

on which

registered

Common stock, par value $.01 per share    GS    NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A    GS PrA    NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C    GS PrC    NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D    GS PrD    NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II    GS/43PE    NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III    GS/43PF    NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.    GS/31B    NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.    GS/31X    NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On June 28, 2024, The Goldman Sachs Group, Inc. (the Registrant) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and incorporated into this Item 8.01 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibit is filed as part of this Current Report on Form 8-K:

 

99.1    Press release of the Registrant, dated June 28, 2024
101    Pursuant to Rule 406 of Regulation S-T, the cover page information is formatted in iXBRL (Inline eXtensible Business Reporting Language)
104    Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    THE GOLDMAN SACHS GROUP, INC.
          (Registrant)
Date: June 28, 2024     By:  

/s/ Kathryn H. Ruemmler

     

Name: Kathryn H. Ruemmler

Title:   Chief Legal Officer and General Counsel

 

Exhibit 99.1

Goldman Sachs Statement on Stress Capital Buffer

NEW YORK, NY, June 28, 2024 — On Wednesday, June 26, the Federal Reserve notified the firm of the Stress Capital Buffer (“SCB”) for The Goldman Sachs Group, Inc. (NYSE: GS) of 6.4%, resulting in a Standardized Common Equity Tier 1 (“CET1”) ratio requirement of 13.9%, which will become effective on October 1, 2024.

“This increase does not seem to reflect the strategic evolution of our business and the continuous progress we’ve made to reduce our stress loss intensity, which the Federal Reserve had recognized in the last three tests. We will engage with our regulator to better understand their determinations,” said Chairman and CEO David Solomon. “We continue to be well-positioned to support our clients as they navigate the challenges of a dynamic market environment. Our capital management philosophy prioritizes investing in our world-class interconnected businesses at accretive returns while prudently navigating the economic, regulatory, and geopolitical landscape.”

The firm’s capital plan includes an increase in the common stock dividend from $2.75 to $3.00 per share beginning July 1, 2024, demonstrating confidence in the durability of our franchise. This increase is subject to approval by the firm’s Board of Directors at the customary third quarter meeting.

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Cautionary Note on Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts, but instead represent only the firm’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firm’s control. It is possible that the firm’s final Stress Capital Buffer and capital actions (including dividends) may differ, possibly materially, from those described in this press release. For a discussion of some of the risks and important factors that could affect the firm’s future results and financial condition, as well as its actual Stress Capital Buffer and capital actions, see “Risk Factors” in Part I, Item 1A of the firm’s Annual Report on Form 10-K for the year ended December 31, 2023.

###

 

 

Media Contact: Tony Fratto    Investor Contact: Jehan Ilahi
Tel: +1 212 902 5400    Tel: +1 212 902 0300
v3.24.1.1.u2
Document and Entity Information
Jun. 28, 2024
Document And Entity Information [Line Items]  
Entity Registrant Name GOLDMAN SACHS GROUP INC
Entity Address, State or Province NY
Amendment Flag false
Entity Central Index Key 0000886982
Document Type 8-K
Document Period End Date Jun. 28, 2024
Entity File Number 001-14965
Entity Incorporation State Country Code DE
Entity Tax Identification Number 13-4019460
Entity Address, Address Line One 200 West Street
Entity Address, City or Town New York
Entity Address, Postal Zip Code 10282
City Area Code (212)
Local Phone Number 902-1000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Common stock, par value $.01 per share
Trading Symbol GS
Security Exchange Name NYSE
Series A Floating Rate Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A
Trading Symbol GS PrA
Security Exchange Name NYSE
Series C Floating Rate Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol GS PrC
Security Exchange Name NYSE
Series D Floating Rate Preferred Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D
Trading Symbol GS PrD
Security Exchange Name NYSE
M 5.793 Fixed To Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Ii [Member]  
Document And Entity Information [Line Items]  
Security 12b Title 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II
Trading Symbol GS/43PE
Security Exchange Name NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities Of Goldman Sachs Capital Iii [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III
Trading Symbol GS/43PF
Security Exchange Name NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due March 2031 Of GS Finance Corp [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.
Trading Symbol GS/31B
Security Exchange Name NYSE
Series F Medium Term Notes Callable Fixed And Floating Rate Notes Due May 2031 Of GS Finance Corp [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.
Trading Symbol GS/31X
Security Exchange Name NYSE
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