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Goldman Sachs Group Inc. slashed compensation for its Chief Govt Officer David Solomon by 29% to $25 million for 2022, the financial institution mentioned in a submitting Friday.
Solomon’s pay includes a $2 million base wage, $6.9 million money bonus and $16.1 million in restricted inventory. He was paid $35 million for 2021.
The financial institution’s compensation committee cited the “difficult working setting” as a consider deciding Solomon’s pay, in keeping with the submitting. It additionally famous his “robust particular person efficiency and efficient management”. The minimize was the biggest up to now among the many CEOs of the largest U.S. banks, whose corporations suffered from a dealmaking drought after a blockbuster 2021.
Morgan Stanley CEO James Gorman’s compensation was diminished 10% to $31.5 million for 2022. At JPMorgan Chase & Co, Jamie Dimon’s pay held regular at $34.5 million for 2022.
Final 12 months, influential proxy advisory agency Glass Lewis urged shareholders to vote towards pay packages that included one-off inventory grants for Solomon and John Waldron, the corporate’s president. Their compensation was later permitted by traders.
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