Goldman Sachs boosts CEO pay to $39 million, strains up 5 extra years at helm

By Saeed Azhar

NEW YORK (Reuters) – Goldman Sachs raised CEO David Solomon’s compensation 26% to $39 million for final 12 months, in keeping with a submitting, and its board lined up an $80 million inventory retention bonus that alerts he’ll keep on the helm for one more 5 years.

John Waldron, the financial institution’s president and chief working officer was additionally awarded a retention bonus of $80 million in restricted inventory that vests in 5 years. He’s extensively seen as a successor to CEO David Solomon.

“The agency is delivering sturdy efficiency and the board is set to keep up our momentum, guarantee stability, and hold in place a strong succession plan,” stated Goldman Sachs spokesman Tony Fratto.

“The board can be evolving compensation to boost the agency’s skill to proceed to draw and retain one of the best expertise at a time when the competitors for Goldman Sachs expertise is very fierce, together with from asset managers and different non-banks,” he added.

Goldman Sachs beat Wall Avenue estimates earned its largest quarterly revenue in additional than three years as its funding bankers introduced in additional deal charges, whereas its merchants benefited from lively markets. Its internet earnings climbed to $4.11 billion within the fourth quarter, the financial institution reported on Wednesday.

(Reporting by Saeed Azhar, modifying by Lananh Nguyen)