Goldman CEO’s Pay Drops $10 Million on Scandal Punishment
- Bank said last year it would have leaders return pay over 1MDB
- Even excluding that penalty, Solomon’s pay was flat for 2020
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Goldman Sachs Group Inc. cut Chief Executive Officer David Solomon’s annual compensation 36% after deducting a penalty for the bank’s 1MDB bribery scandal.
The board reduced his package to $17.5 million for 2020, down from $27.5 million a year earlier. The payout fell after Solomon was required to return about $10 million to make amends for the firm’s criminal role in the looting of the Malaysian investment fund, the bank said in a filing on Tuesday.