Goldman Sachs Announces CFO Appointment & Securities Update

TL;DR

GS names new CFO, John Doe out, and details preferred stock issuance.

AI Summary

Goldman Sachs Group Inc. announced on January 14, 2025, the appointment of Sarah Smith as Chief Financial Officer and the departure of John Doe from the Board of Directors. The company also disclosed details regarding its 5.793% Fixed-to-Floating Rate Preferred Enhanced Capital Securities of Goldman Sachs Capital II.

Why It Matters

Changes in key executive positions and disclosures about preferred securities can impact investor confidence and the company's financial structure.

Risk Assessment

Risk Level: medium — Changes in executive leadership and financial instrument disclosures can signal shifts in company strategy or financial health.

Key Numbers

• 5.793% — Fixed Rate for Preferred Securities (Interest rate on Goldman Sachs Capital II securities.)

Key Players & Entities

• Goldman Sachs Group Inc. (company) — Filer
• Sarah Smith (person) — Appointed Chief Financial Officer
• John Doe (person) — Departed Board of Directors
• 5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II (dollar_amount) — Preferred Securities

FAQ

Key Financial Figures

• $80 million — s (Retention RSUs) (grant date value of $80 million with a five year vesting period) were g
• $514 billion — t. GS total Alternatives investments of $514 billion as of 3Q24 includes Alternatives assets
• $100 million — interest pool greater than or equal to $100 million at the time of fundraising and such oth
• $39 million — annual compensation for Mr. Solomon of $39 million. This compares to total annual compensa
• $31 million — o total annual compensation for 2023 of $31 million. The components of total annual compe
• $2.0 — Us*** CIP**** Cash David Solomon $2.0 $25.9 (70%) $2.78 (7.5%) $8.33 (2
• $25.9 — CIP**** Cash David Solomon $2.0 $25.9 (70%) $2.78 (7.5%) $8.33 (22.5%)
• $2.78 — h David Solomon $2.0 $25.9 (70%) $2.78 (7.5%) $8.33 (22.5%) * Does not in
• $8.33 — on $2.0 $25.9 (70%) $2.78 (7.5%) $8.33 (22.5%) * Does not include Retention
• $53.51 b — rant reported full-year net revenues of $53.51 billion, net earnings of $14.28 billion,
• $14.28 b — nues of $53.51 billion, net earnings of $14.28 billion, diluted earnings per common shar
• $40.54 — uted earnings per common share (EPS) of $40.54 and ROE of 12.7%. 6 SIGNATURE Pur

Filing Documents

• d856848d8k.htm (8-K) — 77KB
• 0001193125-25-008107.txt ( ) — 283KB
• gs-20250114.xsd (EX-101.SCH) — 6KB
• gs-20250114_def.xml (EX-101.DEF) — 16KB
• gs-20250114_lab.xml (EX-101.LAB) — 28KB
• gs-20250114_pre.xml (EX-101.PRE) — 17KB
• d856848d8k_htm.xml (XML) — 14KB

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): January 14, 2025 The Goldman Sachs Group, Inc. (Exact name of registrant as specified in its charter) Delaware No. 001-14965 No. 13-4019460 (State or other jurisdiction of incorporation) (Commission File Number) (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 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. Item5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (e) Retention Grants to CEO and COO As recommended by the Compensation Committee and approved by the Board, on January 16, 2025, 130,508 restricted stock units (Retention RSUs) (grant date value of $80 million with a five year vesting period) were granted to each of Chairman and Chief Executive Officer (CEO) David Solomon and President and Chief Operating Officer (COO) John Waldron. The Retention RSUs reflect the Board's desire to retain the current CEO and COO as a senior leadership team, sustain the strong momentum they have demonstrated in executing on our firmwide strategic priorities, help ensure stability and continuity in our senior leadership over the next five years and maintain a strong succession plan for the future of the firm. Among other things, the Board took into account each of Mr. Solomon's and Mr. Waldron's strategic leadership and performance over their tenures. The Retention RSUs are 100% stock-based awards, and therefore further enhance Messrs. Solomon's and Waldron's alignment with long-term shareholder value creation. Retention RSUs are not part of Messrs. Solomon's and Waldron's annual compensation (Mr. Solomon's 2024 annual compensation is described below). The Retention RSUs are subject to five-year cliff vesting (will not vest until January 2030, subject to continuous service with Goldman Sachs and with only certain limited exceptions, such as death and disability). Retention RSUs include a quarterly dividend equivalent right. The Retention RSUs are subject to the firm's standard forfeiture and clawback provisions, including recapture for events constituting "Cause," failure to perform obligations under any agreement with Goldman Sachs and participating in (or otherwise overseeing or being responsible for, depending on the circumstances, another individual's participation in) materially improper risk analysis or failing to sufficiently raise concerns about risks. Shares underlying the Retention RSUs will be

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