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January 30, 2022


GOLDMAN SACHS CEO DAVID SOLOMON’S PAY ROCKETS TO $35 MILLION

by Bloomberg News
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Goldman Sachs
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(Bloomberg) — Goldman Sachs Group Inc. Chief Executive Officer David Solomon
jumped alongside Morgan Stanley’s James Gorman as the best-paid CEO at a major
U.S. bank after receiving $35 million for 2021.

Solomon, 60, will get $12 million in cash and the rest in stock awards, the New
York-based firm said Friday in a regulatory filing. That’s double his payout
from a year ago, when the board had reduced his package to $17.5 million after
requiring him to return a third of his pay as penalty for the bank’s role in an
international bribery scandal.

Wall Street had an extraordinary year in which banks rode the pandemic to record
profits. That’s paved the way for the kind of bulging pay-packets not seen in
more than a decade at the biggest firms.




 



Goldman’s largess for its bankers and traders has been visible in its results
that showed a 33% increase in compensation costs, mirroring a similar increase
in revenue.

That hasn’t been met with much enthusiasm from shareholders. Goldman shares are
down 9.3% this year, the worst performer among its peers. The stock has now
slumped about 19% from its November high to $347.01.

The board’s willingness to reward the Wall Street titan’s leader comes after it
docked $10 million from Solomon’s 2020 pay. That was meant as a measure of
accountability for the firm’s criminal role in the looting of Malaysian
investment fund 1MDB.

The board then granted Solomon and Chief Operating Officer John Waldron an
off-cycle bonus. That award, announced in October, could be worth more than $75
million if the share price meets certain targets.

The bank’s executives have also been sounding out major investors, underscoring
that Solomon’s pay for 2020 should be viewed as $27.5 million — and not what he
actually got after adjusting for the scandal punishment — with the goal of
making sure the 2021 compensation isn’t seen as an outsized raise.

By that calculation, Solomon’s pay increased 27%. Morgan Stanley boosted
Gorman’s pay for 2021 6% to $35 million, and JPMorgan Chase & Co.’s Jamie
Dimon’s package climbed 10% to $34.5 million. Last year’s compensation has yet
to be announced for Bank of America Corp.’s Brian Moynihan and for Jane Fraser,
who rose to the top job at Citigroup Inc. in 2021.

Bank boards often take cues from peers to avoid standing out by overshooting on
pay. Even if strong performance justifies higher pay, banks are still wary of
scrutiny from Washington over perceived excess, an issue that’s hung over Wall
Street since the 2008 financial crisis.

Bloomberg reported last month that Solomon and his deputies, who’ve contended
with mounting pressure to reward trainees this year, have been searching
for ways to juice their own eight-digit pay packages. That’s taken the shape of
proposals to partake in a cut of the riches thrown off by new investment
vehicles, a bigger carve-out from fund profits, special awards and generous pay
raises.




Goldman also announced new stock options on Friday for members of the management
committee, its top decision-making body. The packages are designed to cajole
executives to stick around longer by putting them in line to unlock millions of
dollars if the stock hits certain targets, Bloomberg reported earlier this
month.



When the firm was explaining the October special awards, shareholders asked why
they were going only to its top two leaders. That prompted the board to expand
the gifts to about three dozen of its most senior executives, a person with
knowledge of the matter said.

The grants would be offered in place of the one-time, guaranteed stock award
that’s been presented to other partners, one of the people said. They are to be
structured similarly to the off-cycle bonus announced for Solomon and Waldron in
October.

MORGAN STANLEY’S GORMAN TOPS DIMON AS BEST-PAID BIG BANK CEO

Morgan Stanley Chief Executive Officer James Gorman leaped past JPMorgan Chase &
Co.’s Jamie Dimon as the best-paid CEO of a major U.S. bank.

Jan 23, 2021

In "News"

MORGAN STANLEY LIFTS CEO JAMES GORMAN’S PAY 6% TO $35 MILLION

Morgan Stanley boosted Chief Executive Officer James Gorman’s compensation to
$35 million, leaving him poised to be the best-paid major U.S. bank boss for
another year. 

Jan 21, 2022

In "News"

GOLDMAN CEO’S PAY DROPS $10 MILLION ON SCANDAL PUNISHMENT

Goldman Sachs Group Inc. cut Chief Executive Officer David Solomon’s annual
compensation 36% after deducting a penalty for the bank’s 1MDB bribery scandal.

Jan 27, 2021

In "News"

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