David M. Solomon earned $25 million in 2022, still a hefty sum but nearly 30 percent lower than a year earlier.
David M. Solomon, the chief executive of Goldman Sachs, saw his 2022 pay slashed by nearly 30 percent following missteps that have weighed on the elite Wall Street bank’s profits and performance.
Mr. Solomon took home $25 million last year, the bank said in a filing Friday, down from $35 million a year earlier.
Although that paycheck was still hefty compensation by most standards, Mr. Solomon ceded his title as the highest-paid bank chief executive to Jamie Dimon of JPMorgan Chase, whose pay for 2022 was $35 million.
The salary cut followed an ugly period for Goldman and Mr. Solomon. The bank has admitted to billions in losses from its experiment in consumer banking, and is retrenching from big plans to build checking accounts and other products for modest borrowers. Mr. Solomon’s brusque style, meanwhile, has produced grumblings inside the firm and contributed to a string of senior departures.
This month, the firm laid off 3,200 employees, the heaviest such job cuts since the financial crisis of 2008.
Goldman’s board nodded to their disappointment in the filing on Friday, saying Mr. Solomon’s pay cut reflected “the firm’s 2022 performance, both on an absolute basis and relative to peer results.”
The bank’s chief executive since 2018, Mr. Solomon saw his pay docked in 2020 after Goldman admitted criminal wrongdoing for abetting the looting of Malaysia’s sovereign wealth fund.
Mr. Solomon’s pay cut also puts him behind Bank of America’s chief executive, Brian Moynihan, who earned $32 million, and James Gorman of Morgan Stanley, who earned $31 million, according to filings. At Wall Street banks, the compensation of top executives can swing from year to year based on their company’s performance.
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January 28, 2023 at 02:17AM
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Goldman Sachs Cuts C.E.O. David Solomon’s Pay After Bank’s Poor Performance - The New York Times
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