Goldman Sachs raised CEO David Solomon’s compensation 26 per cent to US$39 million for last year, according to a filing, and its board lined up an US$80 million stock retention bonus that signals he will stay at the helm for another 5 years.
John Waldron, the bank’s president and chief operating officer was also awarded a retention bonus of US$80 million in restricted stock that vests in 5 years. He is widely seen as a successor to CEO David Solomon.
“The firm is delivering strong performance and the board is determined to maintain our momentum, ensure stability, and keep in place a solid succession plan,” said Goldman Sachs spokesman Tony Fratto.
“The board is also evolving compensation to enhance the firm’s ability to continue to attract and retain the best talent at a time when the competition for Goldman Sachs talent is especially fierce, including from asset managers and other non-banks,” he added.
Goldman Sachs beat Wall Street estimates earned its biggest quarterly profit in more than three years as its investment bankers brought in more deal fees, while its traders benefited from active markets. Its net income climbed to US$4.11 billion in the fourth quarter, the bank reported on Wednesday. REUTERS
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