NEW YORK, NY, June 28, 2024 – On Wednesday, June 26, the Federal Reserve notified The Goldman Sachs Group, Inc. (NYSE: GS) of a Stress Capital Buffer (SCB) of 6.4%, resulting in a Standardized Common Equity Tier 1 (CET1) ratio requirement of 13.9%, effective 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 its franchise. This increase is subject to approval by the firm’s Board of Directors at their customary third-quarter meeting.

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

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 represent only the firm’s beliefs regarding future events; many are inherently uncertain and outside its control. It is possible that final SCB and capital actions may differ materially from those described here. For discussion on risks and factors affecting future results and financial condition as well as actual SCB and capital actions see “Risk Factors” in Part I, Item 1A of Goldman Sachs' Annual Report on Form 10-K for December 31, 2023.

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