Goldman Sachs boosts CEO pay to $39 million, lines up five more years at helm

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Finance

Posted By Global Banking and Finance Review

Posted on January 17, 2025

Goldman Sachs boosts CEO pay to $39 million, lines up five more years at helm

By Saeed Azhar

NEW YORK (Reuters) - Goldman Sachs raised CEO David Solomon's compensation 26% to $39 million for last year, according to a filing, and its board lined up an $80 million stock retention bonus that signals he will stay at the helm for another 5 years.

John Waldron, the bank's president and chief operating officer was also awarded a retention bonus of $80 million in restricted stock that vests in 5 years. He is widely seen as a successor to CEO David Solomon.

"The firm is delivering strong performance and the board is determined to maintain our momentum, ensure stability, and keep in place a solid succession plan,” said Goldman Sachs spokesman Tony Fratto.

"The board is also evolving compensation to enhance the firm’s ability to continue to attract and retain the best talent at a time when the competition for Goldman Sachs talent is especially fierce, including from asset managers and other non-banks," he added.

Goldman Sachs beat Wall Street estimates earned its biggest quarterly profit in more than three years as its investment bankers brought in more deal fees, while its traders benefited from active markets. Its net income climbed to $4.11 billion in the fourth quarter, the bank reported on Wednesday.

(Reporting by Saeed Azhar, editing by Lananh Nguyen)

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