Goldman Sachs Group Inc.
doubled Chief Executive
pay in 2021 after the Wall Street firm posted a record annual profit.
Mr. Solomon received a $35 million pay package for 2021, the bank said in a securities filing Friday. That is up from $17.5 million in 2020, when Goldman cut his pay by $10 million following the bank’s admission that it broke U.S. laws in its dealings with an investment fund at the heart of a global corruption ring.
In October 2020, Goldman agreed to pay nearly $3 billion to government officials in four countries to end an investigation into work it performed for 1MDB, a Malaysian fund that prosecutors had alleged was used to pay bribes to politicians in Malaysia and the Middle East. The bank said at the time that it would take a total of $174 million in compensation from current and former executives.
Mr. Solomon’s 2021 pay package consisted of a $2 million base salary, a cash bonus of about $10 million and a $23.1 million stock award that is tied to how well the bank performs in the next few years.
Mr. Solomon got a one-time stock award of about $30 million in October. The award, the bank said at the time, was designed to keep him atop the firm and a nod to “the rapidly increasing war for talent in the current environment.”
Higher compensation expenses across the board sent Goldman’s fourth-quarter profit down after a string of big gains. The bank’s compensation spending rose $4.4 billion in 2021. Still, the bank generated record revenue and profit for the year, and its return on equity, a measure of how profitably it uses shareholder money, was at its highest level since 2007.
Other banks have also recently rewarded executives for strong results.
$35 million in 2021 compensation, a 6% increase.
& Co. paid CEO
$34.5 million for his work last year, up from $31.5 million in 2020.
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