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Goldman Sachs CEO received 30% pay lower — however nonetheless made $25 million

New York CNN  — 

Goldman Sachs had a tough yr in 2022. And CEO David Solomon was punished for that. Type of.

The funding banking large mentioned in a Securities and Change Fee submitting Friday that Solomon obtained $25 million in annual compensation final yr. Whereas that’s nonetheless a really massive sum of money, it’s down practically 30% from the $35 million that Solomon raked in throughout 2021.

Solomon’s $2 million annual wage is unchanged. However the firm mentioned that his “annual variable compensation,” paid in a mixture of performance-based restricted inventory items and money, was nicely under 2021 ranges.

The rationale: Weaker earnings in comparison with 2021’s outcomes. Goldman Sachs (GS) shares additionally fell greater than 10% in 2022, though that wasn’t as massive of a drop as those suffered by rivals Morgan Stanley (MS), JPMorgan Chase (JPM) and Financial institution of America (BAC).

Nonetheless, Goldman Sachs (like the remainder of Wall Road) was hit arduous by the slowdown in dealmaking final yr. The corporate reported a 16% drop in income within the fourth quarter and revenue plunge of 66% earlier this month, primarily as a result of lack of merger exercise and preliminary public choices.

Actually, earnings for Goldman Sachs missed Wall Road’s consensus forecasts by the widest margin because the third quarter of 2011. Solomon mentioned within the firm’s earnings launch that the corporate confronted “a difficult financial backdrop.”

Goldman Sachs is having a very robust time attempting to department past its conventional companies of funding banking. The corporate’s consumer-focused companies have been dropping cash and Goldman Sachs is pulling again on a few of its efforts to achieve common banking clients consequently.

And if Solomon finds himself brief on money, he can at all times decide up extra DJ aspect gigs.

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