Goldman Sachs CEO Solomon gets 24% pay bump to $31 million

By Lananh Nguyen

(Reuters) -Goldman Sachs CEO David Solomon was awarded $31 million in compensation for 2023, up 24% from $25 million in 2022, the company said in a filing on Friday.

Solomon’s pay comprises a $2 million base salary, unchanged from the previous year, and a bonus of $8.7 million in cash and $20.3 million in performance-linked stock, the bank said.

The pay bump comes after the bank’s profit fell 24% to $8.52 billion in 2023.

“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,” Goldman disclosed in its regulatory filing, in reference to the pay hike.

Among peers on Wall Street, JPMorgan Chase (NYSE:) CEO Jamie Dimon’s compensation climbed 4.3% in 2023, while Morgan Stanley’s former CEO James Gorman earned 17% higher in the same period.

Read the full article here