Goldman paid boss David Solomon $ 35 million after a record profit last year

Goldman Sachs doubled its CEO David Solomon’s salary to $ 35 million last year as the U.S. bank reaped record profits during the Wall Street boom.

Solomon earned $ 17.5 million in 2020, $ 10 million less than the previous year after the bank’s board cut senior executives’ pay following the 1Malaysia Development Berhad corruption scandal, in which Goldman admitted to paying bribes for to provide work raising money for the Malaysian State Fund.

In a securities filing on Friday, Goldman said Solomon received a basic salary of $ 2 million in 2021, unchanged from the previous year. His variable compensation was $ 33 million, including a bonus of approximately $ 10 million in cash and a $ 23.1 million reward related to the bank’s performance.

In October, Goldman said it had donated $ 30 million to Solomon and $ 20 million to group president John Waldron. These awards will be paid out in October 2026.

Goldman this month reported a net profit for 2021 of 21.2 billion dollars, more than twice the level of the previous year and easily the largest in the history of the bank.

However, Goldman said its fourth-quarter profit fell 13 percent year-over-year to $ 3.8 billion as wages, including bonuses, jumped 31 percent to $ 3.2 billion.

In an interview with the Financial Times earlier this month, Solomon said: “There is no doubt that inflationary pressures on compensation have had an impact.

Solomon’s salary for 2021 was roughly the same as that received from James Gorman, CEO of Morgan Stanley, Goldman’s traditional competitor in investment banking. Jamie Dimon, CEO of JPMorgan Chase, the largest US asset bank, received $ 34.5 million.

Gorman received a basic salary of $ 1.5 million, a cash bonus of $ 8.375 million, $ 5.025 million in deferred capital and a performance-based share bonus of $ 20.1 million. Damon received a base salary of $ 1.5 million and a $ 33 million bonus based on results.

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