Goldman Sachs CEO David Solomon gets a pay bump. How much does he earn now?

Goldman Sachs profit fell 24% to $8.52 billion in 2023.

Published on: Feb 17, 2024, 19:21:11 IST

By HT News Desk

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Goldman Sachs CEO David Solomon received $31 million in compensation for 2023, up 24% from $25 million in 2022, the company said. The pay includes- $2 million base salary which is unchanged from the previous year, a bonus of $8.7 million in cash and $20.3 million in performance-linked stock, the bank said in its filing.

Goldman Sachs chairman and CEO David Solomon speaks at Goldman Sachs Headquarters in New York City, US. (Reuters)

Although, Goldman Sachs profit fell 24% to $8.52 billion in 2023. It has fallen for two consecutive years and in 2023 it was worse than every other big US bank except Citigroup.

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In the regulatory filing it said, “The Compensation Committee believes that the actions of senior management were critical to reorienting the firm with a much stronger platform for 2024 and beyond.”

The board's compensation committee increased the pay to reward David Solomon’s “decisive leadership in recognising the need to clarify and simplify the firm’s forward strategy,” it said in a filing.

In 2021, David Solomon made $35 million after Goldman posted a record annual profit as it was at the time expanding its consumer-lending operations.

In comparison, JPMorgan Chase CEO Jamie Dimon's compensation climbed 4.3% in 2023 and Morgan Stanley's former CEO James Gorman earned 17% higher during the same period.

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