(Reuters) – Goldman Sachs Chief Government Officer David Solomon will get a 27% increase in annual pay, bringing his complete compensation for 2021 to $35 million, the financial institution stated on Friday.
Solomon’s complete pay contains an annual base wage of $2 million and a variable compensation of $33 million, 70% of which is within the type of goal-based inventory compensation or restricted inventory items.
Since taking up the reins from Lloyd Blankfein in 2018, Solomon has regarded to diversify the financial institution’s income to focus extra on predictable streams together with shopper banking, wealth and asset administration, whereas lowering reliance on capital markets-focused companies.
The financial institution reported a web earnings of $21.64 billion in 2021, in contrast with $9.46 billion a 12 months earlier.
(Reporting by Mehnaz Yasmin in Bengaluru; Modifying by Vinay Dwivedi)
Supply: KFGO
