Finance

Goldman Sachs CEO David Solomon gets a 20% raise to $27.5 million for his work in 2019

Key Points
  • Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in 2019.
  • His pay package includes a $2 million annual salary, $7.65 million in a cash bonus, and $17.85 million in performance-linked stock units, the company disclosed Friday in a filing. 
  • "He led our development of the firm's three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm's long-term mindset and instills a culture of innovation," the bank said.
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Goldman Sachs releases 2019 compensation numbers

Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in 2019.

His pay package includes a $2 million annual salary, $7.65 million in a cash bonus, and $17.85 million in performance-linked stock units, the New York-based company disclosed Friday in a filing. 

The bank said that Solomon earned a raise from his 2018 compensation of $23 million because he "successfully executed on his priorities in his first full year" leading Goldman, including unveiling a strategic overhaul at the firm's first investor day in January.

"He led our development of the firm's three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm's long-term mindset and instills a culture of innovation," the bank said.

He also "excelled as a skilled spokesman for the firm both internally and externally," the firm said.

Solomon was named CEO in October 2018. The bank said last year that some of his 2018 stock rewards were subject to clawback, depending on the results of an investigation into the bank's 1MDB scandal.

The bank disclosed little about any potential clawback in the Friday release except to say that it determined it wasn't necessary to include a similar provision for Solomon's 2019 pay package. 

Separately, the bank said that because of the coronavirus pandemic, its April 30 shareholder meeting would occur over the internet instead of at the firm's headquarters.