Shulou(Shulou.com)11/24 Report--

CTOnews.com, January 28 (Xinhua) Goldman Sachs had a tough year in 2022, and CEO David Solomon was "punished" for it.

CTOnews.com learned that the investment banking giant said in a Securities and Exchange Commission filing on Friday that Solomon received an annual compensation of $25 million (currently about 169 million yuan) last year. Although this is still a very large number, it is down nearly 30 per cent from the $35 million Solomon received in 2021.

Solomon's annual salary of $2 million remains unchanged, but the company says his "annual variable compensation", a mix of performance-based restricted stock and cash, is well below 2021 levels.

The reason is that Goldman has experienced a decline in shares and profits over the past year compared with its 2021 results, and its multibillion-dollar consumer banking platform, Marcus, has accumulated pre-tax losses of $3.8 billion over the past three years. This year Goldman also launched one of the biggest layoffs ever, with plans to cut about 3200 jobs.

Goldman is trying to expand beyond its traditional investment banking business, which has been losing money in its consumer-focused business, which is scaling back some of its exposure to ordinary bank clients.

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