Goldman Sachs had a rough year in 2022, and CEO David Solomon was punished for that. Sort of.
The investment banking giant said in a Securities and Exchange Commission filing Friday that Solomon received $25 million in annual compensation last year. While that is still a very large amount of money, it’s down nearly 30% from the $35 million that Solomon raked in during 2021. Solomon’s $2 million annual salary is unchanged. But the company said that his “annual variable compensation,” paid in a mix of performance-based restricted stock units and cash, was well below 2021 levels.
Still, Goldman Sachs was hit hard by the slowdown in dealmaking last year. The company reported a 16% drop in revenue in the fourth quarter and profit plunge of 66% earlier this month, mainly due to the lack of merger activity and initial public offerings. In fact, earnings for Goldman Sachs missed Wall Street’s consensus forecasts by the widest margin since the third quarter of 2011. Solomon said in the company’s earnings release that the company faced “a challenging economic backdrop.
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