Goldman Sachs Group, Inc. (The)NYSE: GS
Financials · Investment Banking & Brokerage
$1,098.69
-0.04%
Vol: 2.0M
Research Digest
Thursday, June 18, 2026
Goldman Sachs crosses $1 trillion in M&A advisory volume in the first half of 2026, the fastest pace ever recorded by a bank.
Goldman Sachs surpassed $1 trillion in announced M&A advisory volume in the first half of 2026, maintaining its top global ranking and signaling a strong rebound in deal-making that will boost advisory fee revenue. The firm is also leading the underwriting of SpaceX's IPO, demonstrating continued leadership in marquee transactions. GS stock hit an all-time high of $1,098.36 on June 5, and traded between $1,091.13 and $1,116.08 on June 17. Goldman economists updated their Fed view, no longer expecting a rate cut in 2026 after the stronger-than-expected jobs report, though they revised their S&P 500 year-end target upward to 8,000. JPMorgan raised its GS price target from $826 to $900 in June. The record M&A pace and IPO pipeline underpin a positive near-term earnings outlook.
Previous Market Intelligence
13 daysJun 17Goldman Sachs said its 2026 M&A advisory deal value topped $1 trillion as it leads the SpaceX IPO, with JPMorgan lifting its price target to $900.Positive▶
On June 16, 2026, Goldman Sachs announced its merger-and-acquisition advisory work has surpassed $1 trillion in total deal value year-to-date in 2026, a record pace underscoring a sharp rebound in dealmaking. The firm is also taking a lead role in the high-profile SpaceX IPO, a marquee mandate that boosts both fees and franchise prestige. JPMorgan raised its Goldman price target to $900 from $826 while maintaining a Neutral rating, reflecting confidence in the earnings backdrop even as it stays valuation-cautious. CEO David Solomon flagged that AI will drive 'nuanced changes' to hiring over the next three years. The bull case rests on a durable investment-banking recovery; the bear case is that record advisory volumes are cyclical and could reverse if Goldman's own economists are right that the Fed holds rates higher for longer, which would weigh on deal financing and trading conditions in the back half of the year.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours. The SpaceX IPO (priced June 11, Goldman as lead bookrunner) and the JPMorgan price target raise to $900 are dated June 11-12, outside the window relative to June 15.
Jun 14Goldman Sachs gains as lead underwriter on the record SpaceX IPO and on a JPMorgan price-target hike.Positive▶
Goldman Sachs served as lead-left bookrunner for SpaceX's roughly $75 billion IPO, the largest in U.S. history, which priced on June 11; shares of Goldman jumped about 2.9% as the deal validated CEO David Solomon's "dealmaking renaissance" thesis of surging IPOs, M&A and capital-markets activity. On June 12, JPMorgan raised its Goldman price target to $900 from $826 while keeping a Neutral rating. The stock trades around $1,064, near its 52-week high of $1,093 and up roughly 69% over the past year. Risks include the stock's recent ~5% weekly pullback and heavy dependence on a sustained capital-markets upswing that could reverse if conditions tighten.
May 21Goldman Sachs shares jumped 5.8% to $982.12 on May 20 after WSJ reported it will lead the SpaceX mega-IPO; CFO Coleman sold $6.68M shares May 18.Positive▶
Goldman Sachs surged 5.8% on May 20 to $982.12 after the Wall Street Journal reported Goldman will be the lead underwriter on SpaceX's upcoming June IPO, potentially the biggest underwriting payday ever. CFO Denis P. Coleman sold 6,857 shares ($6,675,612) on May 18. The firm announced leadership updates on May 5: Stephan Feldgoise (Head of Global M&A) and Joshua Schiffrin (becoming Global Head of Risk for Global Banking & Markets) joined the Management Committee; Ericka Leslie becomes CAO focused on OneGS 3.0. Goldman's alternative investment arm completed the acquisition of FGI Worldwide (working capital finance/trade credit insurance). Goldman Sachs Global Institute projected $7.6T cumulative AI capex 2026-2031. Stock +12.3% YTD, +65.3% over past year. Hold consensus rating from 15 analysts.
May 20Goldman Sachs picked as lead-left on SpaceX's record-breaking IPO and joins Anthropic Claude rollout as wealth fees jump 17%.Positive▶
Goldman Sachs was named lead-left bookrunner on SpaceX's planned, record-breaking IPO, a high-prestige mandate that should anchor 2026/2027 investment banking league tables. The firm also disclosed Q1 2026 wealth management fee revenue +17% YoY with double-digit alts growth, though total asset & wealth revenue missed on softer private banking/lending income. Goldman acted as joint lead bookrunner on Arxis' $1.1B IPO and as lead financial advisor to Public Storage on its $10.5B NSA Storage acquisition. Anthropic announced a partnership with Goldman, Blackstone and Hellman & Friedman to deploy Claude across portfolio companies. Separately, Goldman fully exited its $154M position in spot XRP ETFs during a digital-asset rebalance and CEO David Solomon flagged U.S. recession risk as headline/tweet sensitive. Shares closed at $944.01 (intraday $938-$962). Street consensus is Hold with PT ~$947.6.
May 19Goldman Sachs CFO sells $6.7M of stock as bank lowers US recession odds to 25%Mixed▶
Goldman Sachs stock traded around $944-$946 on May 18-19 after CFO Denis P. Coleman sold 6,857 shares for $6.68 million on May 18. The bank lowered its 12-month US recession probability to 25% from 30%, citing a strong labor market and resilient economic activity, while its Risk Appetite Indicator hit the 99th percentile since 1991 (the highest since 2021). On May 5, Goldman announced leadership updates adding Stephan Feldgoise and Joshua Schiffrin to its Management Committee, with Ericka Leslie becoming CAO to implement OneGS 3.0. President John Waldron commented that AI is enabling the bank to scale without much new hiring. Goldman also redeemed all Series T Preferred shares on May 10 and exited its $154M XRP ETF position. Risk: elevated valuations (Shiller P/E 39.6x) and crowded bullish positioning increase downside if sentiment shifts.
May 18Goldman Sachs lowers 12-month US recession odds to 25% from 30% and Goldman Alternatives announces acquisition of FGI Worldwide trade-finance platform.Positive▶
Goldman Sachs cut its 12-month US recession probability to 25% from 30%, citing a resilient labor market and healthy economic activity — a constructive signal for risk assets and the firm's trading/IB tailwinds. Goldman Sachs Alternatives announced an acquisition of FGI Worldwide LLC, a financing, risk-management, and Insurtech platform, expanding its private-credit and specialty-finance footprint. On the capital side, GS filed a Certificate of Elimination on May 11 to retire its 3.80% Series T preferred after May 10 redemption, simplifying the capital stack. The board also declared a $4.50 quarterly dividend with a June 1 ex-date. Shares traded between $941-$964 on May 18. Risk: any reversal in equity-market sentiment or M&A pullback would hit IB revenue.
May 15Goldman Sachs announces leadership shuffle and AI-driven scaling, redeems Series T preferred stockPositive▶
On May 5 Goldman Sachs announced leadership changes: Stephan Feldgoise (Global M&A head) and Joshua Schiffrin joined the Management Committee, with Schiffrin becoming global head of Risk for Global Banking & Markets, while Ericka Leslie became Chief Administrative Officer. On May 10 Goldman redeemed all outstanding Series T 3.80% preferred stock and filed a Certificate of Elimination in Delaware. President John Waldron said on May 12 that AI is enabling the bank to scale without much more hiring, describing the firm as a "human assembly line facing automation." Goldman Global Institute released "Tracking Trillions" projecting $7.6T cumulative AI capex 2026-2031. Stock closed May 14 at $968.82 (+1.40%), trading near 52-week highs with 24% YoY EPS growth and a $4.50 quarterly dividend (ex-date June 1). Risk: AI/automation thesis assumes continued capital markets strength.
May 14Goldman Sachs President John Waldron said on May 12 the bank is a 'human assembly line' facing AI-driven automation that lets the firm scale without proportional hiring, raising future job-cut and structure questions.Positive▶
On May 12, 2026, Goldman Sachs President and COO John Waldron told Bloomberg that Goldman's expanding AI adoption is allowing the bank to scale up revenues without significant additional hiring, describing the firm as a 'human assembly line' undergoing automation parallel to manufacturing. The comments raised investor questions about future headcount cuts and organizational structure but reinforce the firm's operating-leverage story. Separately, on May 12 Goldman published a research view that dollar strength will build further as an energy-price shock keeps yields elevated. The Goldman Sachs Global Institute projected $7.6T in cumulative AI capex from 2026-2031, supporting capital-markets fee tailwinds. On May 13, GS shares rose ~1.0% to ~$940.60, near 52-week highs, and announced a $4.50 cash dividend with a June 1 ex-date. Risk: AI-driven cost takeout is positive for margins but creates headline/regulatory exposure if framed as material layoffs.
May 13Goldman Sachs eliminates Series T preferred stock after May 10 redemption; pushes back rate-cut forecast to Dec 2026; COO Waldron touts AI strategy.Neutral▶
Goldman Sachs filed a Certificate of Elimination on May 12 to remove its 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series T, after redeeming all outstanding shares on May 10. On May 9, Goldman revised its U.S. interest rate cut forecast, now expecting cuts in December 2026 and March 2027, one quarter later than previously forecast amid persistent inflation. President and COO John Waldron discussed the transformative role of AI on May 12, emphasizing efficiency gains without significant hiring increases. Goldman is also offering callable 5.125% fixed-rate notes due 2033, with an expected issue date of May 29. Stock closed at $945.90 on May 12. 15 analysts maintain a Hold consensus with a 2026 price prediction of $907.67.
May 12Goldman Sachs pushed back its U.S. rate-cut forecast to December 2026/March 2027 on May 9, announced major management committee changes on May 5, and Citi raised its PT to $930 from $765.Positive▶
On May 9, Goldman Sachs revised its U.S. rate-cut outlook, now expecting cuts in December 2026 and March 2027, one quarter later than prior guidance, citing persistent inflation. On May 5, the firm announced leadership updates: Stephan Feldgoise and Joshua Schiffrin joined the Management Committee (Schiffrin becoming Global Head of Risk for Global Banking & Markets), and Ericka Leslie was named Chief Administrative Officer to drive OneGS 3.0 execution. Citi raised its GS price target to $930 from $765 on May 7. The firm also joined LTX's AI-powered corporate-bond trading venue as a fully integrated liquidity provider. Shares are up ~4.6% MoM and ~66% YoY, with a Hold consensus from 15 analysts as of May 8.
May 11Goldman Sachs announces leadership reshuffle including new CAO and M&A/Risk heads to Management Committee; delays US rate cut call to DecemberNeutral▶
On May 5, 2026, Goldman Sachs announced leadership updates adding Stephan Feldgoise (head of Global M&A) and Joshua Schiffrin (incoming global head of Risk for Global Banking & Markets) to the Management Committee, and named Ericka Leslie Chief Administrative Officer to drive OneGS 3.0. On May 9, the firm pushed its Fed rate cut forecast to December 2026 with another in March 2027, citing persistent inflation. Chief Legal Officer Kathryn Ruemmler sold 14,292 shares worth $13.4M on May 8. Q1 2026 revenues were $17.2B (+14.4% YoY) with EPS of $17.55 (+24.3% YoY). Consensus rating is Hold.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| MSMORGAN | $223.28 | -0.75% | +12.8% | 17.6x | 1.22 | $352.0B |
| GSGOLDMAN | $1,098.69 | -0.04% | +11.7% | 16.7x | 1.29 | $323.5B |
| IBKRINTERACTIVE | $96.07 | +1.03% | +14.6% | 33.4x | 1.33 | $162.8B |
| SCHWSCHWAB | $91.53 | -3.15% | +1.8% | 12.6x | 0.77 | $159.5B |
| HOODROBINHOOD | $108.14 | +2.79% | +42.8% | 38.0x | 2.35 | $97.4B |
| RJFRAYMOND | $156.18 | -1.63% | +2.5% | 11.7x | 0.95 | $30.4B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price above both MAs — bullish structure.