Goldman Sachs CEO David Solomon is getting paid $25 million in 2022, down from $35 million in 2021 as bank's fortunes fell from bumper crop of cash in 2021.
Goldman Sachs CEO David Solomon will take home 30% less pay in in 2022 after a tough year for the investment bank that saw its stock price drop by 10% and its net earnings drop by $10.4 billion from the blockbuster year in 2021.
The bank’s compensation committee praised Solomon’s “effective leadership” and said 2022 ranked as its second-highest full year net revenue in history at $47.4 billion, its second-highest diluted earnings per common share of $30.06 and a return on average common shareholders equity of 10.2%. For 2022, Solomon’s annual base salary remains at $2 million, plus $23 million in variable compensation. About 70% or $16.1 mil of the variable compensation comes in the form of performance-based restrictive stock units . These PSUs reflect the value of Solomon’s ongoing performance metrics. The remaining 30% of Solomon’s variable compensation is in cash.
“The committee also took into account the firm’s continued progress in its strategic evolution as well as Mr. Solomon’s strong individual performance and effective leadership,” the bank said. “These factors were considered in the context of a challenging operating environment.” Reports have surfaced recently that bonuses at Goldman Sachs among junior bankers are expected to drop by about 40%.
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