One year after Goldman Sachs cut or cut compensation from its top bosses over a corruption scandal, it’s paying them millions of dollars in bonuses for their loyalty.
Goldman said the bank’s CEO, David M. Solomon, would receive a $30 million reward at the end of five years if Goldman met its stock price targets. filing It was made public on Friday. The bank’s president and chief operating officer, John E. Waldron, is eligible for a $20 million bonus under the same terms. According to the dossier, the payouts are given to “ensure continuity of leadership” as the firm seeks to grow as talent competition escalates.
A year ago, Goldman announced that it would recover or cut $174 million in total remuneration from past and current executives, including Mr Solomon after the bank. admitted criminal offense By its Malaysian subsidiary for its role in the looting of the Malaysian government’s sovereign wealth fund 1MDB.
Separately, Mr. Solomon’s salary was reduced from $27.5 million in 2019 to $17.5 million in 2020, while Mr. Waldron’s compensation fell from $24.5 million to $18.5 million. filing In January.
The company said at the time that “the board views the 1MDB issue as a corporate failure,” although no executives were involved or aware of the illegal activity. Goldman paid billions of dollars in fines in Malaysia, the United States and Hong Kong for its role in the scandal.