Goldman Sachs chief David Solomon gets 20 per cent pay rise to $27.5m for his work in 2019
Goldman Sachs chief executive David Solomon has been rewarded for his work leading the bank in 2019 with a 20 per cent pay rise.
It sees his remuneration package reach a total of $27.5m, which includes $17.85m in performance-linked stock units.
That comes on top of his $2m annual salary and a $7.65m cash bonus, the company disclosed in filing on Friday.
The New York-based bank said Solomon earned the raise from his $23m in 2018 because he “successfully executed on his priorities in his first full year” leading Goldman.
Solomon unveiled a strategic overhaul at the firm’s first investor day in January.
“He led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” the bank said.
He also “excelled as a skilled spokesman for the firm both internally and externally,” the firm said.
Solomon was appointed as chief executive in October 2018.
Goldman had said last year that some of stock rewards for 2018 were subject to clawback, depending on the result of an investigation into the bank’s 1MDB scandal.
There was little disclosed about any clawback in Friday’s filing except to say it wasn’t necessary to include that kind of provision in Solomon’s remuneration for 2019.
The bank also said its shareholder meeting scheduled for 30 April would now occur over the internet due to the coronavirus pandemic, rather than at the firm’s headquarters.