Goldman Sachs Chief Executive David Solomon won an $80 million stock bonus to continue at the helm of the bank for another five years, a radical turnaround for a leader whose survival was questioned after the company’s ill-fated foray in the consumer banking sector.
John Waldron, Goldman’s president and chief operating officer, seen by many as Solomon’s successor, also received an $80 million retention bonus in restricted stock, the bank said in a regulatory filing Friday.
The bonuses, which will be paid over five years, are an effort by Goldman’s board to retain Solomon and Waldron as a senior leadership team, the company said in the filing.
Goldman also reported that Solomon’s 2024 salary rose 26% to $39 million.
CEO succession is in focus on Wall Street. From Jamie Dimon at JPMorgan Chase to Brian Moynihan at Bank of America, investors are focused on the long tenures of executives running America’s biggest banks.
The latest vote of confidence for Solomon, 63, comes after a period of turmoil during which the investment bank’s activities contracted and Goldman’s consumer banking business suffered losses, drawing criticism of its leadership and speculation, two years ago that his job was at risk.
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Solomon fended off skeptics as the bank’s shares and the market recovered and Goldman’s retail operations were scaled back.
