Published: November 29, 2025
The Goldman Sachs Group, Inc. (NYSE: GS) heads into the final month of 2025 with its share price near record highs and a dense cluster of fresh headlines. The bank is warning about a softening U.S. labor market, its clients are betting that gold could reach $5,000 an ounce, and it has confirmed plans to add 500 jobs in Birmingham, UK — all while institutional investors continue to trade actively around GS stock. [1]
This roundup breaks down the key developments that matter for GS shareholders and anyone tracking the stock’s story today.
GS Stock Snapshot: Price, Valuation and Dividend Profile
On Friday, November 28, 2025, Goldman Sachs stock rose 1.23% to close at $826.04, marking its fifth straight session of gains. Even so, it slightly lagged some big-bank peers and finished about 1.8% below its 52‑week high of $841.28, set earlier this month. [2]
Recent data from MarketBeat and other trackers show: [3]
- Market cap: roughly $240–245 billion
- Trailing P/E ratio: around 16–17x earnings
- Price-to-earnings-growth (PEG): about 1.4x, suggesting valuation roughly in line with expected growth
- 52‑week range: approximately $439 to $841
- Beta: about 1.4, meaning GS tends to move more than the broader market
On the income side, Goldman Sachs currently pays a quarterly dividend of $4.00 per share, or $16.00 annually, implying a dividend yield of around 2% at recent prices. The bank has raised its dividend for 13 consecutive years, with a five‑year average annual increase north of 20%. [4]
Earnings remain a key support for the stock:
- Q3 2025 EPS: $12.25 vs. consensus of $10.27
- Q3 revenue: $15.18 billion, about 19–20% year‑on‑year growth and ahead of analyst expectations. [5]
Analyst coverage is broadly constructive but not euphoric. Recent surveys show an average rating of “Hold” with a consensus target price near the mid‑$700s, even as several brokers have raised their targets into the $800–$890 range after the latest earnings beat. [6]
For GS shareholders, that sets the backdrop: a mature, highly profitable franchise, trading near all‑time highs yet still priced at a modest premium to book and earnings compared with many high‑growth names.
Goldman Sachs Economists Flag “Growing Signs of Weakness” in the U.S. Job Market
One of the most widely discussed pieces of Goldman‑related news this week is not about the stock itself, but about the underlying economy that ultimately drives bank earnings.
On November 26, Goldman Sachs Research published a detailed note titled “There are Growing Signs of Weakness in the US Job Market.” The report argues that alternative layoff indicators are deteriorating faster than official unemployment data suggests, in part because some government releases were delayed by the recent shutdown. [7]
Key findings from Goldman’s analysis include: [8]
- Private layoff announcements tracked by Challenger, Gray & Christmas jumped in October to their highest level outside of a recession, even after adjusting for a large warehouse‑layoff announcement.
- WARN notices (Worker Adjustment and Retraining Notification filings that companies must submit before mass layoffs) have climbed to their highest level since 2016, excluding the initial COVID shock.
- These early‑warning indicators typically lead initial jobless claims by roughly two months, suggesting that headline unemployment figures may soon move higher.
The report also tackles the hot question of whether AI is driving layoffs. Goldman’s economists — Manuel Abecasis and Pierfrancesco Mei — say that while tech‑sector layoff announcements are elevated and AI is increasingly mentioned on earnings calls, most companies blame restructuring and efficiency drives rather than AI directly. Clear evidence of AI‑driven mass layoffs remains limited for now. [9]
Media outlets from the Economic Times to Newsweek and various market‑news platforms have amplified the findings, noting that mass‑layoff warnings are now at their highest in nearly a decade and may be pulling the labor market out of the “low‑hire, low‑fire” regime described by the Federal Reserve. [10]
Why it matters for GS stock:
- A weaker labor market can weigh on consumer credit quality, loan growth and trading volumes, but
- It can also push central banks toward easier policy, supporting risk assets and deal‑making down the road.
For an investment bank like Goldman Sachs, that mix of risk and opportunity is crucial: rising layoffs can hurt parts of the franchise (like wealth and consumer), but falling rates and renewed market volatility often boost trading and advisory revenue.
Gold’s $5,000 Question: Goldman’s Poll and Price Forecasts
Another big theme today is gold — and Goldman Sachs sits squarely in the middle of the conversation.
The client poll: 36% see gold above $5,000 by end‑2026
A new Goldman Sachs survey of more than 900 institutional investors on its Marquee platform, conducted in mid‑November and reported by outlets such as Benzinga and TipRanks today, shows strong bullishness on the yellow metal: [11]
- Around 70% of respondents expect gold prices to rise further over the next 12 months.
- 36% believe gold will exceed $5,000 per troy ounce by the end of 2026.
Participants cited several drivers:
- persistent fiscal deficits and public‑debt concerns,
- geopolitical risks,
- continued central‑bank buying, and
- a desire for diversification away from traditional bonds and equities. [12]
Goldman’s house view: structural support for higher gold
Goldman Sachs Research itself has been constructive on gold for some time. In a late‑September note, the team projected that gold could reach around $4,000 by mid‑2026, driven by strong central‑bank purchases and an expected shift in Fed policy that would support ETF demand. [13]
With spot gold now trading above $4,200 — up roughly 60% year‑to‑date and outpacing major stock indices — the new client survey suggests that investor sentiment may be even more bullish than the bank’s base case, at least on the upside tail. [14]
Why it matters for GS stock:
- Gold themes influence flows into commodity products, structured notes and ETFs that Goldman helps design and trade.
- A broad move into real assets and hedges tends to benefit banks with strong commodities franchises and derivatives desks — a group that clearly includes GS.
Birmingham Expansion: 500 New Jobs and Billions in UK Commitments
While macro headlines grab attention, Goldman Sachs is also making significant strategic investments in its own footprint.
Multiple outlets in the UK, including CoStar, Insider Media and Financial News London, report that Goldman Sachs will expand its Birmingham office and create about 500 new roles, effectively doubling its headcount in the city over the coming years. [15]
Key details from recent coverage:
- The expansion centers on One Centenary Way, where Goldman signed a long‑term lease for roughly 110,000 square feet of space in 2022. [16]
- The new roles will span technology, operations and support functions, deepening Birmingham’s role as a regional hub. [17]
- The firm has signaled plans to deploy “several billion pounds” into UK infrastructure and digital projects, including AI and data‑center‑related investments. [18]
Politically, the move is being read as a vote of confidence in Chancellor Rachel Reeves’s pro‑business stance. Reporting from The Guardian notes that major banks, including Goldman and JPMorgan, were spared a windfall tax in the latest UK budget after months of intense lobbying and reassurance efforts from the government. [19]
Why it matters for GS stock:
- The expansion underscores Goldman’s commitment to the UK as a key strategic market, not just London.
- It highlights the firm’s focus on technology and operations scalability, important for margins and long‑term competitiveness.
- In combination with broader UK investments by global banks, it reinforces a narrative that financial services remain central to the UK growth story, despite political noise.
Who’s Trading GS? Institutional Flows and a Congressional Sale
Fresh 13F filings and news reports over the past week show active trading in GS shares among institutions and public officials.
Big money moves
Recent MarketBeat summaries highlight several notable changes: [20]
- GM Advisory Group LLC increased its position in GS by more than 600% in the second quarter, now holding over 4,000 shares worth nearly $3 million.
- Choreo LLC boosted its stake by 6.4%, to more than 12,000 shares valued at about $8.7 million.
- Franklin Resources Inc. has been adding to its GS position, reflecting confidence in the bank’s earnings trajectory.
- On the other side, RPG Investment Advisory LLC cut its GS holdings by roughly 49% in Q2, though the stock remains a meaningful part of its portfolio.
Across the shareholder base, institutional investors and hedge funds collectively own more than 70% of outstanding GS shares, underlining the stock’s status as a structural holding in many professional portfolios. [21]
A Congressional sale
In a smaller but eye‑catching headline today, DefenseWorld reports that Rep. Lisa C. McClain has sold a portion of her holdings in The Goldman Sachs Group, Inc. The transaction was disclosed in line with U.S. Congressional trading rules. [22]
While single trades by an individual lawmaker rarely alter the fundamental thesis for a $200‑plus‑billion bank, they do add to the ongoing public debate around politicians’ access to and use of market‑sensitive information.
Structured Notes and Capital Markets Activity
Goldman Sachs is also active on the product‑issuance front, which indirectly supports fee income and client engagement.
Recent SEC filings and summaries (Form 424B2 and related documents) show GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., offering several new structured products, including: [23]
- Callable S&P 500® index‑linked notes that pay no periodic interest and return an amount at maturity based on the index’s performance, with downside risk below a specified trigger level and the option for Goldman to call the notes early at preset premiums.
- Salesforce (CRM)‑linked medium‑term notes, whose payments are tied to the performance of Salesforce’s common stock instead of a fixed coupon.
- Additional equity‑ and index‑linked notes with maturities stretching out to 2029 and beyond.
These products are typically aimed at yield‑seeking or tactical investors willing to accept structured downside risk in exchange for potential enhanced returns, and they showcase Goldman’s continued strength in derivatives engineering and balance‑sheet usage.
How Today’s Newsflow Shapes the GS Stock Narrative
Putting the November 29 news cluster together, a few themes stand out for GS shareholders:
- Macro risk radar is blinking yellow.
Goldman Sachs’ own economists are openly warning that the U.S. labor market is weakening beneath the surface, with WARN notices and layoff announcements flashing levels not seen outside recessions. AI is part of the story, but so far not the main culprit, according to their analysis. [24] - Clients are leaning into real‑asset hedges.
The gold survey and bullish forecasts show that large investors increasingly see gold as a core portfolio hedge against fiscal, geopolitical and currency risk. That supports continued flow into products that Goldman helps structure and trade. [25] - The franchise is still investing for growth.
The Birmingham expansion and multi‑billion‑pound UK commitments signal confidence in long‑term demand for financial and technology services, even as GS clients hedge against UK domestic equities and political risk. [26] - Valuation is rich but not extreme.
With GS trading just below its 52‑week high at around $826, on a mid‑teens P/E and ~2% dividend yield, the market is pricing in solid but not heroic growth, consistent with analyst ratings clustered around “Hold.” [27] - Earnings power remains the anchor.
The recent earnings beat, strong investment‑banking rebound and ongoing structured‑product issuance show a franchise built to monetize volatility, deal‑making and client demand for complex solutions — all of which tend to rise in exactly the late‑cycle environment Goldman now describes. [28]
For investors, the net takeaway is a familiar but sharpened picture: Goldman Sachs is both a barometer of global macro stress and one of the key beneficiaries when that stress translates into trading, hedging and deal activity.
GS stock today sits at the intersection of:
- a cautiously deteriorating U.S. labor backdrop,
- surging demand for safe‑haven assets like gold, and
- a still‑resilient earnings engine supported by high‑fee businesses and global expansion plans.
References
1. www.goldmansachs.com, 2. www.marketwatch.com, 3. www.marketbeat.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. www.goldmansachs.com, 8. www.goldmansachs.com, 9. www.goldmansachs.com, 10. m.economictimes.com, 11. www.benzinga.com, 12. www.investopedia.com, 13. www.goldmansachs.com, 14. www.investopedia.com, 15. www.costar.com, 16. www.insidermedia.com, 17. www.costar.com, 18. www.fnlondon.com, 19. www.theguardian.com, 20. www.marketbeat.com, 21. www.marketbeat.com, 22. www.defenseworld.net, 23. www.stocktitan.net, 24. www.goldmansachs.com, 25. www.benzinga.com, 26. www.costar.com, 27. www.marketwatch.com, 28. www.marketbeat.com
