Goldman Sachs CEO pay boosted to US$27.5m

[NEW YORK] Goldman Sachs announced Friday that it boosted the pay package for its chief executive to US$27.5 million in 2019, a 20 per cent jump unveiled at a time when many companies are struggling for survival.

Goldman disclosed the pay raise for chief executive David Solomon in a securities filing that also listed pay jumps for other top executives.

Mr Solomon, 58, who was installed as CEO in October 2018, "embodies" Goldman's culture as a strategic thinker and "engaged and motivating leader," the firm said in the filing.

Mr Solomon is credited with building new consumer-oriented products, including a credit card with Apple and with hosting the company's first shareholder meeting.

Despite the timing, the pay level is similar to CEOs from JPMorgan Chase, Bank of America and other financial institutions that were disclosed earlier this year - before the coronavirus decimated the prospects for many industries.

Several leading industries are seeking federal bailouts in the first serious economic downturn since the 2008 financial crisis, which led to wrenching political debates and sharp public criticism of Goldman and other large banks at the centre of the mortgage meltdown.

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AFP