Goldman Sachs CEO David Solomon received a bigger pay raise, percentage-wise, than any of his peers at the head of America’s top financial institutions, according to news reports.
The firm paid Solomon $24.7 million last year, representing a raise of around 19% from the $20.7 million he earned in 2018, the Wall Street Journal writes. Solomon’s 2019 pay package includes a $7.7 million cash bonus and close to $15 million in stock, according to the newspaper.
Goldman Sachs also gave raises to John Waldron, its president and chief operating officer, who earned $22 million, as well as finance chief Stephen Scherr, who received $20 million.
Earlier this month, Citigroup announced that Michael Corbat earned $24 million last year, unchanged from 2018. Brian Moynihan, Bank of America’s CEO, earned $26.5 million in 2019, also unchanged from the prior year.
Edward Jones’ CEO Penny Pennington, meanwhile, earned $14.7 million in 2019.
Earlier this year, Solomon made As You Sow’s list of most overpaid CEOs, ranking 72nd. The group believes that Solomon earned about $8.4 million in “excess” compensation last year.
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