Key Developments: Goldman Sachs Group Inc (GS)

GS on New York Consolidated

175.95USD
28 Jul 2014
Price Change (% chg)

$0.55 (+0.31%)
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Latest Key Developments (Source: Significant Developments)

Goldman Sachs Group Inc Declares Preferred Stock Dividends
Friday, 11 Oct 2013 05:00pm EDT 

Goldman Sachs Group Inc announced that it has declared dividends on the following series of its non-cumulative preferred stock (represented by depositary shares, each representing a 1/1,000th interest in a share of preferred stock): $239.58 per share of Floating Rate Non-Cumulative Preferred Stock, Series A; $387.50 per share of 6.20% Non-Cumulative Preferred Stock, Series B; $255.56 per share of Floating Rate Non-Cumulative Preferred Stock, Series C; $255.56 per share of Floating Rate Non-Cumulative Preferred Stock, Series D; $371.88 per share of 5.95% Non-Cumulative Preferred Stock, Series I; and $343.75 per share of 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series J. In addition, Goldman Sachs has declared a dividend of $1,000.00 per share of Perpetual Non-Cumulative Preferred Stock, Series E, and a dividend of $1,000.00 per share of Perpetual Non-Cumulative Preferred Stock, Series F. The dividends on the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series I Preferred Stock and Series J Preferred Stock will be paid on November 12, 2013 to preferred shareholders of record on October 28, 2013. The dividends on the Series E Preferred Stock and Series F Preferred Stock will be paid on December 2, 2013 to preferred shareholders of record on November 17, 2013.  Full Article

Berkshire Hathaway Inc Discloses 2.8% Stake In Goldman Sachs Group Inc-Reuters
Tuesday, 8 Oct 2013 05:44pm EDT 

Reuters reported that Warren Buffett's Berkshire Hathaway Inc disclosed a 2.8 % passive stake in Goldman Sachs Group Inc as it converted warrants acquired during the financial crisis. Buffett received the warrants five years ago when his investment in Goldman was seen as a vote of confidence in the bank, which was reeling from turmoil in the credit market. Under Buffett's deal with Goldman, Berkshire had the right to buy about 43.5 million Goldman shares - or a roughly 9% stake then - at an exercise price of $115 per share. Goldman had amended the deal in March, which gave Berkshire a much smaller stake but did not require it to commit any capital to exercise the warrants.  Full Article

Goldman Sachs Group Inc's Unit Buys 50% Stake In UK Motor Insurer-Reuters
Tuesday, 8 Oct 2013 12:39pm EDT 

Reuters reported that Goldman Sachs Group Inc's unit has bought a 50% stake in privately-held British motor insurer Hastings, in a deal that values the Company at GBP700 million ($1.13 billion). Goldman's merchant banking division (GS MBD) will finance the stake purchase through a mix of equity and new debt financing. The team that led the management buyout of Hastings in 2009 from Insurance Australia Group will retain the other 50%. Evercore Partners EVR.N and Peel Hunt advised Hastings on the deal while Goldman Sachs International acted as financial adviser to GS MBD.  Full Article

DONG Energy Gets $2 Billion Capital Boost From Goldman Sachs Group Inc's Funds-Reuters
Wednesday, 2 Oct 2013 11:17am EDT 

Reuters reported that Danish state owned oil and gas group DONG Energy said funds managed by Goldman Sachs Group Inc and two Danish pension funds, will invest 11 billion Danish crowns ($2 billion) in the group in return for new shares. Goldman Sachs will subscribe for new shares worth 8 billion crowns, Arbejdsmarkedets Till√¶gspension (ATP) for 2.2 billion and PFA Pension Forsikringsaktieselskab (PFA) for 0.8 billion. This would value the company at 31.5 billion crown prior to the capital increase, the group said in the statement. The parties have agreed to seek an initial public offering (IPO) of DONG Energy when conditions are right, it said.  Full Article

Berkshire Hathaway Exercises Its Warrant To Purchase Goldman Sachs Group Inc
Tuesday, 1 Oct 2013 05:00pm EDT 

Goldman Sachs Group Inc announced that Berkshire Hathaway Inc., and certain of its subsidiaries (collectively, Berkshire Hathaway) have exercised in full their warrant to purchase shares of Goldman Sachs` common stock. Goldman Sachs will deliver 13,062,594 shares of common stock to Berkshire Hathaway on October 4, 2013.  Full Article

Berkshire Hathaway Inc Set To Get Nearly $2.15 Billion Of Goldman Sachs Group Inc-Reuters
Tuesday, 1 Oct 2013 12:40am EDT 

Reuters reported that Berkshire Hathaway Inc will receive Goldman Sachs Inc stock worth nearly $2.15 billion on October 1, 2013 through warrants acquired as part of a deal originally signed during the depths of the 2008 financial crisis. Under that deal, Berkshire had the right to buy about 43.5 million Goldman shares, or a roughly 9% stake then - at an exercise price of $115 per share, for $5 billion in total.  Full Article

Goldman Sachs Group Inc To Acquire Stable Value Business From Deutsche Asset & Wealth Management
Wednesday, 25 Sep 2013 11:55am EDT 

Goldman Sachs Group Inc announced that it has entered into an agreement with Deutsche Asset & Wealth Management (DeAWM) to acquire DeAWM`s stable value business, with total assets under supervision of $21.6 billion as of June 30, 2013. The transaction represents the latest step by GSAM to grow its defined contribution (DC) franchise following last year`s acquisition of Dwight Asset Management (Dwight), a stable value asset manager based in Burlington VT.  Full Article

U.S. Regulator Sues Goldman Sachs Group Inc, Others Over Faulty Securities-Reuters
Monday, 23 Sep 2013 10:41pm EDT 

Reuters reported that a U.S. regulator filed lawsuits against Morgan Stanley and eight other banks over the sale of nearly $2.4 billion in mortgage-backed securities to two credit unions that later failed, according to a filing. Morgan Stanley and Morgan Stanley Capital I Inc, Barclays PLC, JPMorgan Chase & Co's unit Bear Stearns, Credit Suisse Group AG, Royal Bank of Scotland Group PLC and UBS AG sold faulty securities to Southwest and Members United corporate credit unions, the National Credit Union Administration (NCUA) said in its complaint. Goldman Sachs Group Inc, Wachovia Corp, a unit of Wells Fargo & Co and Residential Funding Securities LLC, (Ally Securities), also sold faulty securities to Southwest, NCUA said.  Full Article

Blackstone Group LP, GIC To Buy Stakes In Goldman Sachs Group Inc's Rothesay-Reuters
Thursday, 5 Sep 2013 08:41pm EDT 

Reuters reported that GIC and U.S. private equity group Blackstone Group LP are each set to buy 30% stakes in Goldman Sachs Group Inc's British pensions insurance operation, Rothesay Life, the Financial Times reported on September 5, 2013. The deal values the operation at $1.40 billion (GBP900 million), the financial daily added. GIC and Blackstone were not available to comment outside business hours, while Goldman Sachs declined to comment.  Full Article

Goldman Sachs Group Inc To Sell Majority Of European Insurer-Reuters
Thursday, 8 Aug 2013 02:06pm EDT 

Reuters reported that Goldman Sachs Group Inc plans to sell a majority stake in its European insurance business over the next year, according to a regulatory filing. The UK-based life insurer, Rothesay Life, was established in 2007 and is run by Goldman partner Addy Loudiadis.  Full Article

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Exclusive: Goldman moves executive to new role building ETFs

NEW YORK - Goldman Sachs Group Inc has moved an executive from its trading division to its investment-management division to launch a business that will sponsor exchange-traded funds and sell them to retail clients through third parties, according to a memo and people familiar with the matter.

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