Goldman Sachs slashes CEO’s pay by 30% to $25m

David Solomon conceded the firm pushed too quickly to expand as it embarked on one of its biggest rounds of job cuts ever this year

David Solomon, the chief executive of Goldman Sachs, has been one of the best-paid figures at US banks. Picture: Getty

Goldman Sachs Group Inc. cut Chief Executive Officer David Solomon’s compensation by about 30% to $25 million for 2022, a year in which the share price and profit tumbled and the firm retreated from a highly public effort to create a consumer bank.

The package includes a $2 million base salary and $23 million in variable compensation, with $16.1 million of that in the form of restricted stock units.

The investment-banking giant poured billions of ...