David Solomon, the chief executive officer of U.S based investment bank and financial service provider Goldman Sachs Group Inc. (GS) will be receiving $35 million as his total compensation for last year. This announcement was made by the bank late last week.
This amount is double the $17.5 million received he in the year 2020 as compensation. Back then, the company’s board of directors has $10 million from his pay using it to settle legal costs associated with the roles the bank played in the 1Malaysia Development Bhd corruption scandal.
The CEO’s pay in 2021comprises of an annual base salary of $2 million and a variable compensation of $33 million of which 70% of is in form of restricted stock units or goal-based stock compensation.
For 2021 financial year, the bank registered a net income of $21.64 billion which is on the higher side compared to the $9.46 which the bank posted in 2020. In the fourth quarter of 2021, the bank recorded a 23% increase in operating expenses attributing this to increased compensation and benefits costs.