Goldman Raises CEO Salary to $31M, Up 24%

Goldman Sachs Group Inc. boosted David Solomon’s compensation 24% to $31 million for a year when earnings slumped at the Wall Street giant.

The board lifted the chief executive officer’s pay after profit tumbled 24% and the firm spent much of the year dousing internal rifts and pitching investors on a simplified strategy.

After giving up on its retail-banking ambitions, New York-based Goldman has returned its focus to business lines embraced by Solomon’s predecessors.

The package for the 62-year-old banker includes a $2 million base salary and $29 million in variable compensation, with $20.3 million of that in the form of restricted stock units, according to a regulatory filing.

His pay jump was greater than every other major U.S. bank CEO whose compensation has been disclosed.

Unlike last year, the pay announcement was made after the conclusion of an annual gathering of the firm’s top-ranked executives in Florida.

Goldman’s shares advanced 12% in 2023, ranking it fourth among the six biggest U.S. banks.

The firm began the year by embarking on one of its biggest rounds of job cuts ever, eliminating about 3,200 jobs.

The bank was hurt last year by clogged-up capital markets that kept a lid on fees and magnified losses on real estate investments, as well as its failing consumer strategy.