[Form 4] Goldman Sachs Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Goldman Sachs Group Inc. (GS) Form 4: John E. Waldron, serving as President and COO and a director, reported multiple open-market sales of company common stock on 08/27/2025 and 08/28/2025. The filing lists six separate sales totaling 18,244 shares, with weighted-average sale prices disclosed for each block (ranging roughly between $748.04 and $751.51 per share). Following the last reported transaction on 08/28/2025, the reporting person beneficially owned 106,268 shares. All transactions are reported as direct holdings and are signed by an attorney-in-fact on behalf of the reporting person.

Positive

• None.

Negative

• Multiple open-market sales totaling 18,244 shares reported on 08/27/2025 and 08/28/2025
• Sales executed by the President and COO and director, which may be viewed as notable given the reporting person's senior role
• Transactions are dispositions (S codes) only; no acquisitions or derivative transactions were reported in this filing

Insights

Corporate Governance Expert

TL;DR: Significant insider sales by the President and COO over two days, fully disclosed on Form 4.

The report documents multiple direct open-market dispositions by a senior executive and board member across two consecutive dates. The sales are itemized with weighted-average prices for each block, and the filing shows the executive retains a substantial residual stake of 106,268 shares. This is a material, transparent disclosure of insider activity that stakeholders will note when assessing insider alignment with shareholders.

Securities Analyst

TL;DR: 18,244 shares sold across six trades on 08/27-08/28/2025; weighted-average prices provided for each sale.

The Form 4 provides granular trade information: six sale entries with per-block weighted-average sale prices documented in the explanation section. The filing allows interested parties to request the number of shares sold at each separate price. The reporting person’s remaining direct beneficial ownership after these trades is clearly stated as 106,268 shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WALDRON JOHN E.

(Last) (First) (Middle)

C/O GOLDMAN SACHS & CO. LLC

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GOLDMAN SACHS GROUP INC [ GS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and COO

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	08/27/2025		S		1,375	D	$748.61(1)	123,137	D
Common Stock, par value $0.01 per share	08/27/2025		S		2,520	D	$749.59(2)	120,617	D
Common Stock, par value $0.01 per share	08/27/2025		S		3,376	D	$750.46(3)	117,241	D
Common Stock, par value $0.01 per share	08/27/2025		S		1,973	D	$751.21(4)	115,268	D
Common Stock, par value $0.01 per share	08/28/2025		S		3,970	D	$750.21(5)	111,298	D
Common Stock, par value $0.01 per share	08/28/2025		S		5,030	D	$750.74(6)	106,268	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects a weighted average sale price of $748.61 per share, at prices ranging from $748.04 to $749.02 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

2. Reflects a weighted average sale price of $749.59 per share, at prices ranging from $749.04 to $750.03 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

3. Reflects a weighted average sale price of $750.46 per share, at prices ranging from $750.04 to $751.01 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

4. Reflects a weighted average sale price of $751.21 per share, at prices ranging from $751.04 to $751.51 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

5. Reflects a weighted average sale price of $750.21 per share, at prices ranging from $749.48 to $750.47 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

6. Reflects a weighted average sale price of $750.74 per share, at prices ranging from $750.48 to $751.14 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

Remarks:

	/s/ Jamie A. Greenberg, Attorney-in-fact	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did GS insider John E. Waldron report on Form 4?

The filing reports six open-market sales (code S) on 08/27/2025 and 08/28/2025 totaling 18,244 shares.

How many shares does John E. Waldron beneficially own after these transactions?

Following the last reported sale on 08/28/2025, the Form 4 shows 106,268 shares beneficially owned.

What prices were the shares sold at according to the Form 4?

The filing includes weighted-average sale prices for each block, with ranges noted (approximately $748.04 to $751.51 per share across the transactions).

What is John E. Waldron's role at Goldman Sachs as listed on the filing?

The Form 4 lists the reporting person as a Director and as President and COO of Goldman Sachs Group Inc.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 is signed by Jamie A. Greenberg, Attorney-in-fact on 08/29/2025.