An influential investor advisory company stated Goldman Sachs shareholders must reject a pay bundle that will put its leader govt, David M. Solomon, in a tie for probably the most richly compensated boss a few of the country’s banking giants.
Goldman plans to pay Mr. Solomon $35 million for 2021, the similar sum Morgan Stanley plans to pay its leader, James P. Gorman. That’s on best of a performance-linked inventory bonus Goldman gave Mr. Solomon in October that was once valued at about $30 million — an award supposed to stay him in position for the following 5 years, the corporate stated in a filing on the time.
The advisory company, Glass Lewis, gave Goldman a grade of C on Friday for govt repayment, announcing the financial institution gave Mr. Solomon “considerably extra” than peer firms and compensated its C-suite executives extra generously than its opposite numbers. “We’re fascinated by particular, one-off grants” to Mr. Solomon and John E. Waldron, Goldman’s president, the advisory company stated in a document.
Glass Lewis’s advice on pay was once reported previous by way of Bloomberg News.
Wall Side road bosses have been primary beneficiaries after banks reported blockbuster income in 2021. Simply at the back of Mr. Solomon and Mr. Gorman was once Jamie Dimon of JPMorgan Chase, who were given $34.5 million. At Financial institution of The united states, Brian Moynihan was once given $32 million. Charles W. Scharf at Wells Fargo was once awarded $24.5 million, and Citigroup’s Jane Fraser earned $22.5 million.
Goldman Sachs declined to remark at the advisory company’s advice. Shareholders will vote at the proposal at Goldman’s annual assembly on April 28.