Big Wall Street firms enjoyed a stellar 2021 thanks to a booming stock market and a frenzy of mergers and initial public offerings. Bankers and CEOs are reaping the rewards
Goldman Sachs announced in its fourth quarter earnings report last month that it set aside $17.7 billion for compensation expenses last year, an increase of 33% from 2020. That works out to an average of nearly $404,000 for the firm's 43,900 workers. Goldman Sachs CEO David Solomon was the biggest beneficiary. The bank said in a regulatory filing late last week that Solomon took home $35 million in compensation in 2021. That's up from $27.5 million in 2020.
Goldman Sachs CEO David Solomon, JPMorgan Chase chief Jamie Dimon and Morgan Stanley head James Gorman all received pay bumps in 2021.The giant paychecks for top bank CEOs shouldn't come as a huge surprise given that the market finished last year near all-time highs and bank stocks were among the market leaders.Morgan Stanley said in its earnings report last month that its compensation expenses were up nearly 20% in 2021.
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