Goldman Sachs lifts CEO Solomon's pay to US$35m

[BENGALURU] Goldman Sachs chief executive officer David Solomon will get a 27 per cent raise in annual pay, bringing his total compensation for 2021 to US$35 million, the bank said on Friday.

Solomon's total pay includes an annual base salary of US$2 million and a variable compensation of US$33 million, 70 per cent of which is in the form of goal-based stock compensation or restricted stock units.

Since taking over the reins from Lloyd Blankfein in 2018, Solomon has looked to diversify the bank's revenue to focus more on predictable streams including consumer banking, wealth and asset management, while reducing reliance on capital markets-focused businesses.

The bank reported a net income of US$21.64 billion in 2021, compared with US$9.46 billion a year earlier.

REUTERS