UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||
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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 30, 2023, 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 |
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 30, 2023 | By: | /s/ Kathryn H. Ruemmler | ||||
Name: | Kathryn H. Ruemmler | |||||
Title: | Chief Legal Officer and General Counsel |
Exhibit 99.1
The Goldman Sachs Group, Inc. | 200 West Street | New York, New York 10282 |
Goldman Sachs Announces 10% Dividend Increase
NEW YORK, NY, June 30, 2023 On Wednesday, June 28, the Federal Reserve notified the firm of the Stress Capital Buffer (SCB) for The Goldman Sachs Group, Inc. (NYSE: GS) of 5.5%, resulting in a Standardized Common Equity Tier 1 (CET1) ratio requirement of 13.0%, which will become effective on October 1, 2023.
The firms capital plan includes an increase in the common stock dividend from $2.50 to $2.75 per share beginning July 1, 2023, subject to approval by the firms Board of Directors at the customary third quarter meeting. This increase will enable us to pay our shareholders a sustainable, growing dividend and maintain a competitive yield, complemented by the firms previously announced $30 billion share repurchase program.
We continue to execute on our client-centric strategy, which will further strengthen the firms franchise and return profile, said Chairman and CEO David Solomon. We are pleased by the progress weve made in reducing the capital intensity of our business as reflected in the stress test results. We will continue to dynamically manage our capital to unlock meaningful value for shareholders, including with a planned increase to our dividend and added flexibility in our capital repurchase program.
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 firms beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside the firms control. It is possible that the firms 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 firms 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 firms Annual Report on Form 10-K for the year ended December 31, 2022.
Goldman Sachs 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.
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Media Contact:
Tony Fratto
Tel: +1 212-902-5400
Investor Contact:
Carey Halio
Tel: +1 212-902-0300
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