Goldman chief David Solomon’s pay slashed… to £20m
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Goldman chief salary slashed: Investment bank paid David Solomon £20m for 2022, down 30% from a year earlier
Goldman Sachs has cut his boss’s salary.
The investment bank paid David Solomon £20 million for 2022, 30 per cent less than a year earlier, after the Wall Street bank reported a sharp drop in profits, cutting thousands of jobs and slashing employee bonuses.
Solomon’s salary consists of a base salary of £1.6 million, a cash bonus of £5.6 million and £13 million in restricted shares. He received £28 million for 2021.
Cut: David Solomon’s salary consists of a base salary of £1.6m, a cash bonus of £5.6m and £13m in restricted shares
The bank’s remuneration committee cited the “challenging work environment” as a factor in determining the CEO’s salary.
The cut was the biggest yet among the bosses of the largest US banks, whose companies suffered a deal-making drought following a blockbuster in 2021.
Morgan Stanley boss James Gorman’s fee was slashed by 10 per cent to £25 million for 2022. At JP Morgan, Jamie Dimon’s salary held steady at £28 million for 2022.
Last year, Goldman’s earnings fell nearly 50 percent from record earnings in 2021.