Goldman’s Solomon Joins CEOs Taking Pay Cuts After Laying Off Thousands
Executive compensation packages are in focus as top Silicon Valley and Wall Street CEOs slash jobs
As layoffs at technology and finance companies in the US have piled up, their executives have talked at length about the need to cut costs in a challenging economic environment. At some of the biggest firms, the same austerity measures are also being applied in the C-suite.
David Solomon, the chief executive officer of Goldman Sachs Group Inc., was the latest to take a hit: His 2022 compensation was cut by about 30% to $25 million, the bank said Friday. Solomon joins Morgan Stanley CEO James Gorman among bank bosses accepting a pay cut for his work. Alphabet Inc.’s compensation details haven’t yet been released, but CEO Sundar Pichai has said that senior executives will get significantly lower bonuses this year.