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Goldman chief David Solomon’s pay slashed… to £20m

Goldman chief’s pay slashed: Investment bank paid David Solomon £20m for 2022, down 30% from a year befor

Goldman Sachs has slashed its boss’s pay.

The investment bank paid David Solomon £20million for 2022, down 30 per cent from a year before, after the Wall Street bank reported a steep drop in profits, cut thousands of jobs and slashed staff bonuses.

Solomon’s pay comprises a £1.6million base salary, a £5.6million million cash bonus and £13million in restricted stock. He was paid £28million for 2021. 

Cutting back: David Solomon’s pay comprises a £1.6m base salary, a £5.6m million cash bonus and £13m in restricted stock

The bank’s compensation committee cited the ‘challenging operating environment’ as a factor in deciding the chief executive’s pay.

The cut was the largest so far among the bosses of the biggest US banks, whose firms suffered from a deal-making drought after a blockbuster 2021.

Morgan Stanley boss James Gorman’s compensation was reduced 10 per cent to £25million for 2022. At JP Morgan, Jamie Dimon’s pay held steady at £28m for 2022.

Last year, Goldman’s profits plunged almost 50 per cent from record earnings in 2021.