Goldman Sachs annual financial report

Goldman Sachs Boosts CEO Solomon's Pay by 26% to $39 Million, Grants $80 Million Retention Bonuses to Solomon and Waldron for 5-Year Commitment

Jan 17, 2025, 03:08 PM

Goldman Sachs has awarded CEO David Solomon a 26% increase in his annual compensation, raising it to $39 million for 2024, and granted him an $80 million retention bonus in stock, contingent on him staying with the firm until January 2030. Similarly, President and Chief Operating Officer John Waldron received an $80 million retention award, also in stock, with the same vesting conditions. These moves by Goldman Sachs' board aim to ensure leadership stability and continuity for the next five years, reflecting confidence in Solomon's leadership and Waldron's potential as a successor. The retention bonuses are part of a broader strategy to retain top talent amidst fierce competition from asset managers and other non-banks. The firm's performance in 2024, including a significant increase in net income to $4.11 billion in the fourth quarter, underpinned the decision to boost Solomon's pay and secure his and Waldron's long-term commitment.