Goldman Sachs chief executive David Solomon took a £7.3million pay cut as the bank finally tried to move on from a corruption scandal in Malaysia.
Solomon, a part-time DJ who performs as ‘D-Sol’, was not ‘involved in or aware of the firm’s participation in any illicit activity at the time’ when Goldman helped to milk billions from the 1MDB fund meant for Malaysia’s development.
It said the scandal was an ‘institutional failure, inconsistent with the high expectations it has for the firm’. Solomon still took home £12.8million last year.
Goldman Sachs chief exec David Solomon, a part-time DJ who performs as ‘D-Sol’, took a £7.3m pay cut as the bank finally tried to move on from a corruption scandal in Malaysia
The board said his performance last year was ‘outstanding’, as it generated its highest revenues in more than a decade.
Goldman bankers were accused of helping Jho Low, a Malaysian financier who is still on the run, funnel billions of dollars out of the 1MDB fund.
It pleaded guilty last year to conspiring to bribe officials with £1.2billion from the fund between 2009 and 2014.
It was fined £2.2billion by regulators in the US, UK, Hong Kong and Singapore, and had already agreed to stump up £2.9billion to make amends in Malaysia.
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