(Reuters) – Goldman Sachs Chief Executive Officer David Solomon will get a 27% raise in annual pay, bringing his total compensation for 2021 to $35 million, the bank said on Friday.
Solomon’s total pay includes an annual base salary of $2 million and a variable compensation of $33 million, 70% of which is in the form of goal-based stock compensation or restricted stock units.
Since taking over the reins from Lloyd Blankfein in 2018, Solomon has looked to diversify the bank’s revenue to focus more on predictable streams including consumer banking, wealth and asset management, while reducing reliance on capital markets-focused businesses.
The bank reported a net income of $21.64 billion in 2021, compared with $9.46 billion a year earlier.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Vinay Dwivedi)
