GS

By Will Feuer

Goldman Sachs Group Inc. cut Chief Executive David Solomon's 2022 compensation by about 29% to $25 million as the company contends with a broad slump in dealmaking across Wall Street.

The bank's compensation committee weighed the company's results, both on an absolute basis and compared with peers, in making a decision on Mr. Solomon's compensation, the company said Friday in securities filing. Mr. Solomon also serves as the company's chairman.

"These factors were considered in the context of a challenging operating environment," Goldman Sachs said.

For 2022, Mr. Solomon was paid a base salary of $2 million and annual variable compensation, which is mostly performance-based restricted stock units, of $23 million. In 2021, Mr. Solomon made $35 million in total compensation.

The disclosure comes after The Wall Street Journal reported the bank planned to cut 3,200 jobs earlier this month and slash annual bonuses.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 27, 2023 11:42 ET (16:42 GMT)

Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Feb 2023 to Mar 2023

Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Mar 2022 to Mar 2023