GOLDMAN SACHS GROUP INC

Regulatory Matters

Our businesses are subject to extensive regulation and supervision worldwide. Regulations have been adopted or are being considered by regulators and policy makers worldwide. Given that many of the new and proposed rules are highly complex, the full impact of regulatory reform will not be known until the rules are implemented and market practices develop under the final regulations.

See “Business — Regulation” in Part I, Item 1 of the 2025 Form 10-K for further information about the laws, rules and regulations and proposed laws, rules and regulations that apply to us and our operations.

Basel III and G-SIB Surcharge Reforms. In March 2026, the U.S. bank regulatory agencies issued new Basel III and G-SIB surcharge notices of proposed rulemaking. The new Basel III proposal includes removal of the Standardized and Advanced capital requirements and replaces these requirements with a single risk-based approach (the Expanded Risk-Based Approach), thereby eliminating the use of internal models to calculate RWAs for credit and operational risk. The proposal replaces the existing market risk framework with the new Fundamental Review of the Trading Book framework, improves risk sensitivity in the calculation of credit risk, and introduces a new calculation for CVA risk and a standardized method to calculate operational risk. The G-SIB surcharge proposal recalibrates coefficients used in the calculation of the Method 2 surcharge and proposes annual adjustments to those coefficients based on nominal GDP growth. It also proposes using averages over the prior four quarters, rather than a point in time calculation. We do not expect that these proposed rules, if both are adopted as proposed, would materially change our regulatory capital requirements.

Other Matters

Conflict in the Middle East. The Iranian conflict that began in February 2026 has had significant implications for the global economy, including a disruption in the supply of oil and higher oil prices, more volatile equity prices, greater uncertainty regarding the direction of interest rates and heightened risk of recession. The future course of the conflict remains uncertain, and a continuation of the conflict or further escalation could lead to a rise in oil prices and a surge in inflation, a global recession, stagflation, and more heightened volatility across financial markets. If the adverse economic consequences from the conflict were to worsen, our results of operations could be negatively impacted.