Goldman Sachs proposes Series AA preferred offering and possible Series U redemption

On July 20, 2026 Goldman Sachs announced a proposed public offering of depositary shares of a new Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA. If the offering prices and closes, the firm intends to use part of the net proceeds to redeem all outstanding 3.65% Series U preferred. The launch did not set the offering size or rate, and it did not give a redemption date.

• Each depositary share is a 1/25th interest in a $25,000-liquidation-preference preferred share
• Planned use of proceeds: redeem all 3.65% Series U preferred (750,000 depositary shares, $750M)
• Offering size and coupon were set in the later prospectus supplement