Goldman Sachs Updates Preferred Stock and Capital Securities Details

TL;DR

**Goldman Sachs just updated details on its preferred stock and capital securities, including 6.375% Series K and 5.793% Capital II securities.**

AI Summary

Goldman Sachs Group Inc. filed an 8-K on February 16, 2024, regarding its Depositary Shares, each representing 1/1,000th interest in a share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K. The filing also mentions 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II. This filing is categorized under 'Other Events' and updates information related to various preferred stock and capital securities.

Why It Matters

This filing provides updated information on Goldman Sachs's preferred stock and capital securities, which can impact investors holding these specific financial instruments and the company's capital structure.

Risk Assessment

Risk Level: low — This 8-K is an informational update on existing securities and does not indicate a new significant risk or event.

Key Numbers

• 6.375% — Fixed-to-Floating Rate (For Non-Cumulative Preferred Stock, Series K)
• 5.793% — Fixed-to-Floating Rate (For Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II)

Key Players & Entities

• GOLDMAN SACHS GROUP INC (company) — Filer
• 6.375% (dollar_amount) — Interest rate for Preferred Stock, Series K
• 5.793% (dollar_amount) — Interest rate for Normal Automatic Preferred Enhanced Capital Securities
• Goldman Sachs Capital II (company) — Issuer of Capital Securities
• February 16, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $31 million — s total annual compensation for 2023 is $31 million (which consists of an annual base salar
• $2 m — ch consists of an annual base salary of $2 million, unchanged year-over-year, as wel
• $29 million — well as annual variable compensation of $29 million). Seventy percent of this annual variab
• $20.3 million — his annual variable compensation (i.e., $20.3 million) is in the form of performance-based re
• $25 million — s total annual compensation for 2022 of $25 million. The Compensation Committee was guide
• $46.25 b — rant reported full-year net revenues of $46.25 billion, net earnings of $8.52 billion, d
• $8.52 b — nues of $46.25 billion, net earnings of $8.52 billion, diluted earnings per common shar
• $22.87 — n, diluted earnings per common share of $22.87 and return on average common shareholde
• $2.8 b — hese items reduced 2023 net earnings by $2.8 billion, EPS by $8.04 and ROE by 2.6 perc
• $8.04 — 23 net earnings by $2.8 billion, EPS by $8.04 and ROE by 2.6 percentage points. SIG

Filing Documents

• d792189d8k.htm (8-K) — 46KB
• 0001193125-24-038211.txt ( ) — 251KB
• gs-20240216.xsd (EX-101.SCH) — 6KB
• gs-20240216_def.xml (EX-101.DEF) — 16KB
• gs-20240216_lab.xml (EX-101.LAB) — 29KB
• gs-20240216_pre.xml (EX-101.PRE) — 18KB
• d792189d8k_htm.xml (XML) — 16KB

From the Filing

8-K 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): February 16, 2024 Commission File Number: 001-14965 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware 13-4019460 (State or other jurisdiction of incorporation or organization) (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) N/A (Former name or former address, if changed since last report.) 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 Depositary Shares, Each Representing 1/1,000th Interest in a Share of 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series K GS PrK 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 under the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (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. Item8.01 Other Events. The Goldman Sachs Group, Inc. (the "Registrant," the "firm" or "we") today announced that the Board of Directors ("Board"), upon the recommendation of the Compensation Committee, has determined the 2023 total annual compensation for David Solomon, Chairman and Chief Executive Officer. Mr. Solomon's total annual compensation for 2023 is $31 million (which consists of an annual base salary of $2 million, unchanged year-over-year, as well as annual variable compensation of $29 million). Seventy percent of this annual variable compensation (i.e., $20.3 million) is in the form of performance-based restricted stock units ("PSUs"), which tie 100% of Mr. Solomon's equity-based compensation to ongoing performance metrics, with the remainder to be paid in cash. This compares to Mr. Solomon's total annual compensation for 2022 of $25 million. The Compensation Committee was guided in its determination of 2023 compensation by, among other things, the firm's Assessment Framework, which is comprised of identified financial performance metrics as well as non-financial factors (i.e., strategic priorities and client orientation, risk management and controls, and people strategy scorecard). In making its determinations, the Compensation Committee considered, among other things: Mr. Solomon's decisive leadership in recognizing the need to clarify and simplify the firm's forward strategy, The firm's swift execution on a series of actions that narrowed its strategic focus and strengthened the firm's platform for 2024 and beyond, Continued progress on strategic priorities in the firm's core franchises: Global Banking & Markets and Asset & Wealth Management, The firm's ongoing emphasis on delivering long-term value for shareholders, Mr. Solomon's steadfast focus on client centricity and One Goldman Sachs as foundational to the firm, His dedicated commitment to the firm's culture, Core Values and advancing the firm's

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View this 8-K filing on SEC EDGAR