|
That is double the $17.5 million he received for 2020. The board
had then slashed $10 million from his $27.5 million pay to
settle legal costs related to the bank's role in the 1Malaysia
Development Bhd corruption scandal.
Solomon's total pay for 2021 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.
Other major Wall Street banks have also handsomely rewarded
their chief executive officers as annual profits bounced back in
2021 thanks to pandemic-related loan loss provisions that did
not materialize.
Morgan Stanley raised CEO James Gorman's annual pay to $35
million, while JPMorgan lifted Jamie Dimon's to $34.5 million.
Since taking over the reins from Lloyd Blankfein in 2018,
Solomon, 60, has looked to diversify revenue, focusing more on
predictable streams including consumer banking and 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. It reported a 23%
increase in fourth-quarter operating expenses, mainly due to
higher compensation and benefits costs.
(Reporting by Mehnaz Yasmin in Bengaluru;Editing by Vinay
Dwivedi and Devika Syamnath)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
