Goldman Sachs board has officially cut chief executive David Solomon’s salary by over a third as a result of the 1MDB-related penalty.
Solomon’s annual compensation totaled $17.5 million, down from $27.5 million a year earlier, according to the bank’s filing, after he was required to return about $10 million to make amends for the firm’s role in the 1MDB scandal.
Although there were no accusations of wrongdoing, the board decided to withhold $31 million in total compensation between Solomon and three of his top deputies after the American lender entered more than $5 billion in related settlements.
In comparison, fellow banking giants JPMorgan Chase kept CEO Jamie Dimon's payout flat at $31.5 million while Morgan Stanley CEO James Gorman rose to become Wall Street's highest-paid executive at $33 million, a 22 perfect increase.
