Top bosses at Goldman Sachs to share bonus pot worth up to $500m
Summary
Goldman Sachs will pay up to $500 million in bonuses to 20 top bankers this year, with CEO David Solomon expected to receive about $100 million. These bonuses depend on the bank’s stock performance over the past five years and are designed to keep key leaders at the company.Key Facts
- The bonus pool is worth up to $500 million and shared among 20 senior bankers.
- CEO David Solomon’s bonus is about $100 million, more than double his $47 million pay last year.
- The payouts come from a plan started in 2021 and are linked to Goldman Sachs’ stock price growth.
- Goldman Sachs’ stock has increased about 146% in the past five years.
- Bonuses aim to keep top executives from leaving in a competitive job market.
- Other leaders, like President John Waldron and co-heads Ashok Varadhan and Dan Dees, are also set to receive bonuses.
- Similar large executive pay packages have been reported at Citigroup and JP Morgan recently.
- Goldman Sachs will release its third-quarter earnings on October 13, shortly after the bonus news.
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