Goldman Sachs has slashed its boss’s pay.
The investment bank paid David Solomon £20m for 2022, down 30 per cent from a year before, after the Wall Street bank reported a steep drop in profits, cut thousands of jobs and slashed staff bonuses.
Solomon’s pay comprises a £1.6m base salary, a £5.6m million cash bonus and £13m in restricted stock. He was paid £28m for 2021.
Cutting back: David Solomon’s pay comprises a £1.6m base salary, a £5.6m million cash bonus and £13m in restricted stock
The bank’s compensation committee cited the ‘challenging operating environment’ as a factor in deciding the chief executive’s pay.
The cut was the largest so far among the bosses of the biggest US banks, whose firms suffered from a deal-making drought after a blockbuster 2021.
Morgan Stanley boss James Gorman’s compensation was reduced 10 per cent to £25m for 2022. At JP Morgan, Jamie Dimon’s pay held steady at £28m for 2022.
Last year, Goldman’s profits plunged almost 50 per cent from record earnings in 2021.
