Goldman CEO David Solomon will get 27% pay bump to $35 million

Goldman Sachs Chief Govt Officer David Solomon will get a 27% increase in annual pay, bringing his complete compensation for 2021 to $35 million, the financial institution mentioned on Friday.

The information on the Goldman chief’s pay comes after competitor James Gorman, CEO at Morgan Stanley, additionally raked in the identical quantity — $35 million — for 2021, Morgan Stanley reported late final week.

Each will make barely greater than JPMorgan Chase CEO Jamie Dimon, whose 2021 complete compensation clocked in at $34.5 million.

At Goldman, Solomon’s complete pay contains an annual base wage of $2 million and a variable compensation of $33 million, 70% of which is within the type of goal-based inventory compensation or restricted inventory models.

Since taking up the reins from Lloyd Blankfein in 2018, Solomon has seemed to diversify the financial institution’s income to focus extra on predictable streams together with shopper banking, wealth and asset administration, whereas lowering reliance on capital markets-focused companies.

The financial institution reported a web revenue of $21.64 billion in 2021, in contrast with $9.46 billion a 12 months earlier.

Goldman reported weaker-than-expected outcomes earlier this month and its inventory is underperforming the market as a complete up to now this 12 months.Ramin Talaie/Corbis by way of Getty Photos

Nonetheless, earlier this month, Goldman reported a 13 % dip in revenue as buying and selling income slumped. Its newest quarterly outcomes sharply missed analyst expectations, main traders to file out of the corporate’s inventory.

The Wall Avenue large posted $3.94 billion in revenue, or $10.81 per share for the quarter ending Dec. 31 — far lower than the $11.76 analysts predicted, in line with Refinitiv information.

Goldman’s shares are down greater than 12% up to now this 12 months, turning right into a worse efficiency than the market as a complete, which is down about 7.6%.

Written by trendingatoz

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