Goldman CEO David Solomon Takes $10 Million Pay Cut for 1MDB Scandal

By Peter Rudegeair

Goldman Sachs Group Inc. slashed Chief Executive David Solomon's 2020 pay by 36%, punishment for the bank's admission last year that it broke U.S. laws in its dealings with an investment fund at the heart of a global corruption ring.

Mr. Solomon received a $17.5 million compensation package for 2020, down from the $27.5 million he got for 2019, according to a securities filing on Tuesday.

In October, Goldman agreed to pay nearly $3 billion to government officials in four countries to end an investigation into work it performed for 1MDB, a Malaysian fund that prosecutors had alleged was used to pay bribes to politicians in Malaysia and the Middle East. The bank said at the time that it would claw back or withhold a total of $174 million in compensation from current and former executives.

Mr. Solomon's 2020 pay would have been $10 million higher, but for the actions the board took in response to the 1MDB saga.

Write to Peter Rudegeair at Peter.Rudegeair@wsj.com

(END) Dow Jones Newswires

January 26, 2021 18:29 ET (23:29 GMT)

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