News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Goldman Sachs lifts CEO Solomon's pay to $35 million

01/28/2022 | 06:54pm EDT
FILE PHOTO: David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills

(Reuters) -Goldman Sachs Chief Executive Officer David Solomon's total compensation for 2021 will be $35 million, the bank said on Friday.

That is double the $17.5 million he received for 2020. The board had then slashed $10 million from his $27.5 million pay to settle legal costs related to the bank's role in the 1Malaysia Development Bhd corruption scandal.

Solomon's total pay for 2021 includes an annual base salary of $2 million and a variable compensation of $33 million, 70% of which is in the form of goal-based stock compensation or restricted stock units.

Other major Wall Street banks have also handsomely rewarded their chief executive officers as annual profits bounced back in 2021 thanks to pandemic-related loan loss provisions that did not materialize.

Morgan Stanley raised CEO James Gorman's annual pay to $35 million, while JPMorgan lifted Jamie Dimon's to $34.5 million.

Since taking over the reins from Lloyd Blankfein in 2018, Solomon, 60, has looked to diversify revenue, focusing more on predictable streams including consumer banking and wealth and asset management while reducing reliance on capital markets-focused businesses.

The bank reported a net income of $21.64 billion in 2021, compared with $9.46 billion a year earlier. It reported a 23% increase in fourth-quarter operating expenses, mainly due to higher compensation and benefits costs.

(Reporting by Mehnaz Yasmin in Bengaluru;Editing by Vinay Dwivedi and Devika Syamnath)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
S&P 500 0.01% 3901.36 Real-time Quote.-18.14%
Latest news "Economy & Forex"
08:23aPaytm payments bank expects central bank curbs to be lifted in three-five months
RE
08:22aIndia's top crypto app CoinSwitch calls for regulatory 'peace, certainty'
RE
08:19aGhana unable to tap capital markets after ratings agency downgrades, bank governor says
RE
08:19aGhana unable to tap capital markets following ratings agency dow…
RE
08:19aChipmaker Broadcom in talks to acquire VMware -sources
RE
08:18aInvestcorp to deploy $400 million in school infrastructure, ware…
RE
08:17aNew Macron govt races to ease cost of living crisis ahead of election
RE
08:17aNew Macron govt races to ease cost of living crisis ahead of election
RE
08:15aWhite House readies diesel supply actions if needed
RE
08:13aRussian soldier jailed for life in first war crimes trial of Ukraine war
RE
Latest news "Economy & Forex"