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Goldman Sachs Group Inc. boosted David Solomon’s compensation 24% to $31 million for a 12 months when earnings slumped on the Wall Avenue large.
The board lifted the chief govt officer’s pay after revenue tumbled 24% and the agency spent a lot of the 12 months dousing inside rifts and pitching buyers on a simplified technique.
After giving up on its retail-banking ambitions, New York-based Goldman has returned its focus to enterprise traces embraced by Solomon’s predecessors.
The bundle for the 62-year-old banker features a $2 million base wage and $29 million in variable compensation, with $20.3 million of that within the type of restricted inventory models, based on a regulatory submitting.
His pay leap was larger than each different main U.S. financial institution CEO whose compensation has been disclosed.
In contrast to final 12 months, the pay announcement was made after the conclusion of an annual gathering of the agency’s top-ranked executives in Florida.
Goldman’s shares superior 12% in 2023, rating it fourth among the many six largest U.S. banks.
The agency started the 12 months by embarking on considered one of its largest rounds of job cuts ever, eliminating about 3,200 jobs.
The financial institution was harm final 12 months by clogged-up capital markets that stored a lid on charges and magnified losses on actual property investments, in addition to its failing client technique.
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