Goldman Sachs Cuts Ties with Series U Preferred Stock

Goldman Sachs has eliminated its Series U preferred stock following a redemption. The company filed a Certificate of Elimination with the Delaware Secretary of State, removing all matters related to the 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U, from its Restated Certificate of Incorporation.

The elimination comes after all outstanding shares of the Series U Preferred Stock were redeemed on Monday, according to a press release statement included in Goldman Sachs' SEC filing. The company also filed an amended Restated Certificate of Incorporation reflecting the terms of its 6.500% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series AA.

This move follows recent developments, including HSBC upgrading Goldman Sachs' stock rating from Reduce to Hold and increasing its price target to $995 from $834. Additionally, Goldman Sachs launched new AI debt trading products with JPMorgan Chase & Co., allowing investors to manage their exposure to technology industry debt.