David Solomon, Chairman & CEO of Goldman Sachs, talking on Squawk Field on the WEF in Davos, Switzerland on Jan. twenty third, 2023.
Adam Galica | CNBC
Goldman Sachs CEO David Solomon will get a $25 million compensation package deal for his work final 12 months, the financial institution stated Friday in a regulatory submitting.
The package deal 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 remaining is paid in money, the financial institution stated.
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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 shopper finance and lay off practically 4,000 employees in two rounds of terminations in latest months.
Solomon’s pay package deal 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.