Goldman Sachs Boosts CEO Solomon's Pay by 26% to $39 Million, Grants $80 Million Retention Bonuses to Solomon and Waldron Until 2030

Jan 17, 2025, 04:30 PM

Goldman Sachs Group Inc. has increased the annual compensation of its CEO, David Solomon, by 26% to $39 million for the year 2024, according to a recent filing. Additionally, the firm has awarded Solomon and President and Chief Operating Officer John Waldron retention bonuses of $80 million each, structured as restricted stock that vests over the next five years, signaling their commitment to stay with the bank until at least 2030. The decision reflects the board's strategy to maintain stability and ensure a robust succession plan amid fierce competition for top talent in the financial sector. The increase in Solomon's pay and the retention bonuses come as Goldman Sachs reported a significant rise in net income for the fourth quarter of 2024, driven by strong performances in investment banking and trading.