Goldman Sachs CEO David Solomon will get a $25 million compensation bundle for his work final yr, the financial institution stated Friday in a regulatory filing.
The bundle features a $2 million base wage and variable compensation of $23 million, New York-based Goldman stated within the submitting. Most of Solomon’s bonus — 70%, or $16.1 million — is within the type of restricted shares tied to efficiency metrics, whereas the remainder is paid in money, the financial institution stated.
Solomon’s pay, whereas massive, is about 29% decrease than the $35 million he was granted for his 2021 efficiency. Equally, Goldman’s full-year earnings fell by 48% to $11.3 billion amid sharp declines in funding banking and asset administration income, the corporate stated final week.
Whereas the financial institution was primarily hit by industrywide slowdowns in capital markets exercise because the Federal Reserve raised rates of interest, Solomon additionally confronted his personal set of points. Goldman was compelled to reduce its ambitions in client finance and lay off almost 4,000 employees in two rounds of terminations in current months.
Solomon’s pay bundle is smaller than that of CEOs Jamie Dimon of JPMorgan Chase and James Gorman of Morgan Stanley, who have been awarded 2022 compensation of $34.5 million and $31.5 million, respectively.