Type 424B2 GOLDMAN SACHS GROUP INC

Filed Pursuant to Rule 424(B)(2)
Registration Assertion No. 333-239610

Prospectus Complement to Prospectus dated July 1, 2020.

The Goldman Sachs Group, Inc. pays curiosity on the notes to however excluding December 9, 2025 (the “Fastened Price Interval”), at a hard and fast price per
annum of 1.093%, payable semi-annually on June 9 and December 9 of every 12 months, commencing on June 9, 2021. From and together with December 9, 2025 to however excluding December 9, 2026 (the “Floating Price Interval”), the
notes will bear curiosity at a price every year of Compounded SOFR, as described herein, plus 0.789%, to be payable quarterly on March 9, June 9, September 9 and December 9 of every 12 months, starting March 9, 2026 till
December 9, 2026. The notes will mature on the acknowledged maturity date, December 9, 2026 and curiosity for the ultimate interval will accrue to and be paid on such maturity date.

If The Goldman Sachs Group, Inc. turns into obligated to pay further quantities to non-U.S. traders attributable to adjustments
in U.S. withholding tax necessities, The Goldman Sachs Group, Inc. may redeem the notes earlier than their acknowledged maturity at a price equal to 100% of the principal quantity redeemed plus accrued curiosity to the redemption date. As well as, The Goldman
Sachs Group, Inc. may redeem the notes (i) on or after June 9, 2021, and to, however excluding, December 9, 2025, on the larger of par or a “make-whole” price calculated as described herein, and (ii) on December 9, 2025 or
on or after November 9, 2026, at par, in every case plus accrued and unpaid curiosity. See “Particular Phrases of the Notes — Phrases of the Notes — Optionally available Redemption — Make-Entire to First Par Name Date” and “Particular
Phrases of the Notes — Phrases of the Notes — Optionally available Redemption — Par Name” beneath.

Investing within the notes includes dangers. See “Extra Issues Regarding SOFR” starting on web page
S-8.

Neither the Securities and Change Fee nor another regulatory physique has permitted or
disapproved of those securities or handed upon the accuracy or adequacy of this prospectus complement or the accompanying prospectus. Any illustration on the contrary is a legal offense.

The notes have been registered underneath the Securities Act of 1933 solely for the aim of gross sales in the US; they haven’t been and won’t
be registered for the aim of any gross sales outdoors the US.

The notes usually are not bank deposits and usually are not insured by the Federal Deposit
Insurance coverage Company or another governmental company, nor are they obligations of, or assured by, a bank.

The preliminary price to public set forth above doesn’t embody accrued curiosity, if any. Curiosity on the notes will accrue from December 9, 2020 and
should be paid by the purchaser if the notes are delivered after December 9, 2020.

The underwriters count on to ship the notes by means of the
services of The Depository Belief Firm towards fee in New York, New York on December 9, 2020.

The Goldman Sachs Group, Inc. may use this
prospectus complement and the accompanying prospectus within the preliminary sale of the notes. As well as, Goldman Sachs & Co. LLC or another affiliate of The Goldman Sachs Group, Inc. may use this prospectus complement and the accompanying
prospectus in a market-making transaction within the notes after their preliminary sale, and until they inform the purchaser in any other case within the affirmation of sale, this prospectus complement and accompanying prospectus are being utilized by them in a
market-making transaction.

Goldman Sachs & Co. LLC

Prospectus Complement dated December 4, 2020.