An influential investor advisory agency mentioned Goldman Sachs shareholders ought to reject a pay bundle that will put its chief govt, David M. Solomon, in a tie for essentially the most richly compensated boss among the many nation’s banking giants.
Goldman plans to pay Mr. Solomon $35 million for 2021, the identical sum Morgan Stanley plans to pay its chief, James P. Gorman. That’s on high of a performance-linked inventory bonus Goldman gave Mr. Solomon in October that was valued at about $30 million — an award supposed to maintain him in place for the subsequent 5 years, the corporate mentioned in a filing on the time.
The advisory agency, Glass Lewis, gave Goldman a grade of C on Friday for govt compensation, saying the financial institution gave Mr. Solomon “considerably extra” than peer firms and compensated its C-suite executives extra generously than its counterparts. “We’re involved about particular, one-off grants” to Mr. Solomon and John E. Waldron, Goldman’s president, the advisory agency mentioned in a report.
Glass Lewis’s advice on pay was reported earlier by Bloomberg News.
Wall Avenue bosses have been main beneficiaries after banks reported blockbuster earnings in 2021. Simply behind Mr. Solomon and Mr. Gorman was Jamie Dimon of JPMorgan Chase, who received $34.5 million. At Financial institution of America, Brian Moynihan was given $32 million. Charles W. Scharf at Wells Fargo was awarded $24.5 million, and Citigroup’s Jane Fraser earned $22.5 million.
Goldman Sachs declined to touch upon the advisory agency’s advice. Shareholders will vote on the proposal at Goldman’s annual assembly on April 28.
