Goldman Sachs CEO Solomon pays price of 1MDB scandal

[superadmin]

NEW YORK: Goldman Sachs chief executive David Solomon’s annual pay fell by US$10 million, or 36%, in 2020, according to regulatory disclosures filed on Tuesday, reflecting the bank’s role in the 1MDB scandal.

Solomon will receive US$17.5 million for his work during the year, compared with US$27.5 million the year before, the bank said.

Goldman previously announced it would reduce Solomon’s pay, along with that of chief financial officer Stephen Scherr and chief operating officer John Waldron, in light of the findings of investigations into the bank’s role in the affair.

The scandal dates to the government of former prime minister Najib Razak, which set up 1MDB in 2009.


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