Goldman Sachs bank cuts CEO David Solomon’s pay $10M in 2022
CEO Goldman Sachs bank' Chairman andDavid Solomon who has been the chief executive of elite bank since 2018، has his annual total pay cut by nearly % 28.6 to $25 million last year، although that paycheck was still hefty compensation by most standards، down from $35 million a year earlier after Bank’s poor performance following missteps that have weighed on the elite Wall Street bank’s profits and performance among American big banks and companies.
The salary cut of Goldman Sachs bank's Chairman and CEO David Solomon followed an ugly period for Goldman and Mr. Solomon because of billions in losses from its experiment in consumer banking.
Abandoning big plans of the bank
Goldman Sachs bank has admitted with Chairman and CEO David Solomon that they are retrenching from big plans to build checking accounts and other products for modest borrowers.
New york post newpaper said that Goldman Sachs bank' Chairman and CEO David Solomon ceded his title as the highest-paid bank chief executive to Jamie Dimon of JPMorgan Chase، whose pay for 2022 was more than $35 million.
Poor performance Goldman Sachs bank، Chairman and CEO David Solomon
Goldman Sachs bank's board nodded to their disappointment in the filing concerning Chairman and CEO David Solomon’s pay cut as it reflected the poor performance the bank which laid off 3،200 employees، the heaviest such job cuts since the financial crisis of 2008.
Goldman Sachs bank has admitted also with Chairman and CEO David Solomon the criminal wrongdoing for abetting the looting of Malaysia’s sovereign wealth fund.
CEO David Solomon’s pay cut made him the third among big wall street banks
Goldman Sachs bank Chairman and CEO David Solomon’s pay cut also puts him behind Bank of America’s chief executive، Brian Moynihan، who earned $32 million، and James Gorman of Morgan Stanley، who earned $31 million.
At Wall Street banks، it is familiar that the compensation of top executives of banks and commpanies can swing from year to year based on their company’s performance.
Goldman Sachs bank shares tumbled 6%
Goldman Sachs bank has laid off thousands of workers amid slumping revenues and flopped business ventures that have included a push into consumer banking and days after Goldman reported disappointing profits، shares tumbled 6%.
Chairman and CEO David Solomon’s pay and compensation includes an annual $2 million base salary and $23 million in variable compensation، $16.1 million of which is issued in restricted stock units، which means that the payment won’t be available for several years.
Goldman Sachs bank Chairman and CEO David Solomon’s pay cut last year is contrary of his pay in 2021، when the bank raked in record profits and gave Solomon a huge sum of money of $35 million، but this year، he has a much more substantial cut than his peers at rival banks.
