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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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).
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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 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 weve 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 firms 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 firms 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 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, 2023.
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Media Contact: Tony Fratto | Investor Contact: Jehan Ilahi | |
Tel: +1 212 902 5400 | Tel: +1 212 902 0300 |
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