Goldman Sachs cut CEO David Solomon’s pay after the bank’s poor performance

Goldman Sachs CEO David M. Salomon had his 2022 pay cut by nearly 30 percent following misconduct that hurt the elite Wall Street bank’s profitability and performance.

Mr. Salomon took home $25 million last year, the bank filed Friday, up from $35 million a year earlier.

While that pay was still high compensation by most standards, Mr. Solomon gave up his title. The highest paid bank chief executive For JP Morgan Chase’s Jamie Dimon, the pay for 2022 is $35 million.

Goldman and Mr. The pay cuts followed an ugly period for Salomon. The bank has thus admitted a loss of crores Check with Consumer Bank, and is backing away from larger projects to create checking accounts and other products for ordinary borrowers. Mr. Solomon’s flamboyant style, meanwhile, created grumblings within the company and contributed to a string of senior departures.

This month, The company fired 3,200 employees, the most severe job cuts since the 2008 financial crisis.

Goldman’s team nodded to their disappointment in Friday’s filing, saying Mr. It said Salomon’s pay cut was “related to the company’s 2022 performance, on an absolute basis, and relative to peer results.”

The Chief Executive of the Bank since 2018 Mr. Salomon had his pay freeze in 2020 after Goldman pleaded guilty to criminal wrongdoing for looting Malaysia’s sovereign wealth fund.

Mr. Salomon’s pay cut trailed that of Bank of America Chief Executive Brian Moynihan, who earned $32 million, and Morgan Stanley’s James Gorman, who earned $31 million. At Wall Street banks, top executives’ compensation changes annually based on their firm’s performance.

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