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Goldman Sachs selling depositary shares

Goldman Sachs Group Inc. has launched a proposed public offering of depositary shares, each representing a 1/25th interest in a share of its new series of fixed-to-floating rate noncumulative preferred stock, series P.

The company intends to use the net proceeds to redeem part or all of its 5.95% noncumulative preferred stock, series I. The remaining proceeds will be used for general corporate purposes, including the potential redemption of its 6.20% noncumulative preferred stock, series B.