Goldman Doubles CEO David Solomon’s 2021 Pay to $35 Million

Date:

David Solomon, chief executive of Goldman Sachs



Photo:

Bryan van der Beek/Bloomberg News

Goldman Sachs Group Inc.


GS 1.75%

doubled Chief Executive

David Solomon’s

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.

Morgan Stanley

awarded CEO

James Gorman

$35 million in 2021 compensation, a 6% increase.

JPMorgan Chase

& Co. paid CEO

Jamie Dimon

$34.5 million for his work last year, up from $31.5 million in 2020.

Write to Charley Grant at charles.grant@wsj.com

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Goldman Doubles CEO David Solomon’s 2021 Pay to $35 Million Source link Goldman Doubles CEO David Solomon’s 2021 Pay to $35 Million

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