Goldman Sachs has reduced the compensation of its top executive, David Solomon, by about 30 percent, as the Wall Street investment bank has reduced costs following a difficult year.
Solomon was paid $25 million in 2022, per a regulatory filing. This includes a $2 million salary and a $23 million bonus, of which $16.1 million is paid in deferred bank shares. This is a 30% decrease from a year ago, when Goldman increased pay across the organisation following a successful year of dealmaking and trading.
The US bank endured a difficult year in 2022, with dealmaking fees falling by more than 50 percent and its young consumer banking branch continuing to incur losses. Goldman revived its yearly cull of underperforming employees in September, laying off 1% to 2% of workers, but followed that up in January with 3,200 layoffs, the firm’s largest reductions since the 2008 financial crisis.
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