Goldman Sachs

Capital and liquidity are robust. The standardized CET1 ratio stood at 14.3 percent at September 30, 2025, above current and prospective requirements. The 2025 stress‑test cycle reduced the stress capital buffer path from 6.1 percent to an expected 3.4 percent effective October 1, lowering the binding CET1 requirement and increasing flexibility.

Agencies also finalized a rule modifying enhanced supplementary leverage requirements, modestly easing constraints for GSIBs. These developments supported a dividend increase to 4 dollars per quarter and continued buybacks. We note the funding model is more wholesale‑oriented than universal banks, but diversified and stress‑tested.

Overall resilience is high.