Goldman Sachs CEO Gets 24% Pay Raise

Goldman Sachs (GS) chief executive officer (CEO) David Solomon earned $31 million U.S. in compensation for 2023, up 24% from $25 million U.S. a year earlier.

The pay package for the CEO was made public in a regulatory filing disclosed last Friday (Feb. 16) after markets closed.

It shows that Solomon’s pay is made up of a $2 million U.S. base salary, a cash bonus of $8.7 million U.S., and $20.3 million U.S. in stock awards.

The pay increase for Solomon comes despite Goldman Sachs’ profit falling 24% to $8.52 billion U.S. in 2023, as well as heavy media criticism of his tenure leading the global investment bank.

Solomon’s pay increase is among the highest of Wall Street banks.

By comparison, JPMorgan Chase (JPM) CEO Jamie Dimon’s pay in 2023 rose only 4.3%, while Morgan Stanley’s (MS) former CEO James Gorman, who retired on Jan. 1, earned 17% more last year than in 2022.

The stock of Goldman Sachs has risen 7% over the last 12 months to currently trade at $384.44 U.S. per share.

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