A critical change to the Fed’s test of particular benefit to Goldman was the exclusion of private equity investments from its market shock scenario, an area where Goldman has more direct exposure than its peers.

Goldman Sachs Group (NYSE:GS) plans to boost its quarterly dividend by 33% to $4.00 per share starting July 1, 2025, from its current level of $3.00 per share, the company said on Tuesday. The capital return increase comes after Goldman Sachs' (NYSE:GS) 2025 stress test result showed a 280-basis-point improvement in its estimated stress capital

Bank stocks have outperformed the broad market with Goldman Sachs up 23% and JPMorgan Chase up 22% in the first half of 2025.