Goldman Sachs Announces Proposed Preferred-Share Offering; May Redeem Series U

What Happened
On July 20, 2026, The Goldman Sachs Group, Inc. announced the launch of a proposed public offering of depositary shares, each representing 1/25th interest in a new series of Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA. The offering is subject to pricing and has not yet priced or closed. If the offering is priced and proceeds to closing, the company intends to use a portion of the net proceeds to redeem all outstanding 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U. This 8‑K is not a notice of redemption and contains forward-looking statements; the company filed a preliminary prospectus supplement dated July 20, 2026.

Key Details

• Filing date: July 20, 2026 (Form 8‑K; preliminary prospectus supplement filed same day).
• New security: Depositary shares representing 1/25th of a share of Series AA preferred stock (Fixed-Rate Reset Non‑Cumulative).
• Potential redemption target: All outstanding Series U Preferred Stock (3.65% fixed-rate reset, $25,000 liquidation preference per share).
• Conditions: Offering pricing, closing and any redemption are subject to market conditions and the company’s discretion; no assurance they will occur.

Why It Matters
For preferred-stock investors, this could affect holders of Series U: if the offering closes and the company elects to redeem, Series U shares would be retired (the company has not provided a redemption notice). For investors tracking Goldman Sachs’ capital actions, the offering would raise new preferred capital (Series AA) and could change the mix of the firm’s preferred liabilities. Retail investors should watch for the offering pricing, any press release or formal notice of redemption, and the final prospectus for terms that affect dividend rates, redemption terms, and timing.