Goldman Sachs Redeems Series U Preferred Stock, Issues New Series AA Preferred Shares
The investment bank eliminated its 3.65% preferred stock series after full redemption and filed documentation for a new 6.500% series in a capital structure reshuffling.
Capital Structure Adjustment
The Goldman Sachs Group, Inc. filed documentation with Delaware regulators to eliminate its 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U, following the complete redemption of all outstanding shares on August 10, 2026, according to an 8-K filing dated August 11, 2026.
The investment bank filed a Certificate of Elimination with the Delaware Secretary of State on August 11, 2026, removing all references to the Series U preferred stock from its Restated Certificate of Incorporation (8-K filing, 2026-08-11). The Securities Issuance Committee of Goldman's board of directors authorized the elimination through unanimous written consent dated July 21, 2026.
New Preferred Series Established
Simultaneously with the Series U elimination, Goldman filed a Certificate of Designations establishing a new 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA (8-K filing, 2026-08-11). The company filed a Restated Certificate of Incorporation reflecting both the Series U elimination and the Series AA establishment with Delaware authorities on August 11, 2026.
The filing did not disclose the size, terms, or intended use of proceeds for the new Series AA preferred stock. The higher dividend rate—6.500% compared to the eliminated Series U's 3.65%—reflects the changed interest rate environment since the Series U was originally established in July 2021.
Preferred Stock Framework
According to the restated certificate, Goldman maintains authorization for 150,000,000 shares of preferred stock with a par value of $0.01 per share, alongside 4,000,000,000 authorized common shares and 200,000,000 nonvoting common shares (8-K filing, 2026-08-11). The company's preferred stock structure allows the board to establish various series with different terms and preferences.
The certificate was signed by Carey Halio, Goldman's Global Treasurer, and countersigned by Matthew E. Tropp, Assistant Secretary, as the duly authorized officers executing the filing (8-K filing, 2026-08-11).
Market Context
With a market capitalization of approximately $313 billion and shares closing at $1,034.41 prior to the filing, Goldman Sachs ranks among the largest financial institutions globally. According to MarginX data, the company has several investor events scheduled in coming weeks, including its India Energy Security & Grid Resilience Corporate Day on August 17, 2026, and the Asia Leaders Conference beginning August 31, 2026.
MarginX data also shows recent insider activity, with director Ericka T. Leslie conducting several small stock sales totaling 175 shares.
The preferred stock reshuffling represents routine capital management for a major financial institution, allowing Goldman to align its funding costs with current market conditions while maintaining flexibility in its capital structure. The company maintains a common dividend of $5.00 per share, with the next payment scheduled for September 1, 2026, according to MarginX data.
This article was generated by MarginX from the 8-K filing on 2026-08-11. It is not investment advice.