[ad_1]
NEW YORK: Goldman Sachs CEO David Solomon’s annual salary fell $ 10 million, or 36 percent, in 2020, according to regulatory disclosures released Tuesday (January 26), reflecting the role of the bank in Malaysia’s 1MDB scandal.
Solomon will receive $ 17.5 million for his work during the year, compared to $ 27.5 million a year earlier, the bank said.
Goldman previously announced that it would cut Solomon’s salary, along with CFO Stephen Scherr and COO John Waldron, in light of the findings of investigations into the bank’s role in the matter.
READ: Goldman Sachs to Pay US $ 2.9 Billion, Recover Executive Salary for Role in 1MDB Corruption Scandal
The scandal dates back to the government of former Malaysian Prime Minister Najib Razak, which created the 1MDB fund in 2009.
Between 2009 and 2014, Goldman bankers paid more than $ 1.6 billion in bribes to foreign officials in Malaysia and Abu Dhabi to win 1MDB business, including underwriting $ 6.5 billion in bond sales, for which it earned $ 600. Millions of dollars in commissions, the bank has said.
Waldron will receive $ 18.5 million for his work last year, 24 percent or $ 6 million less than in 2019.
Scherr will receive $ 15.5 million, down 31 percent, or $ 7 million, from the previous year.
READ: Goldman Sachs Singapore to pay authorities S $ 165 million for its role in the 1MDB scandal
If it weren’t for the 1MDB scandal, Solomon and Scherr’s salary would not have changed from the previous year, the bank said, and Waldron’s salary would have increased by $ 1 million.
The chief executive of rival Morgan Stanley, James Gorman, saw his annual salary increase by $ 6 million, or 22 percent, last year, according to a regulatory document released Friday.
Goldman said in October that it is recovering $ 174 million from a dozen current and former executives, including Solomon and his predecessor, Lloyd Blankfein. The bank agreed to pay $ 2.9 billion to settle investigations into its role in the 1MDB corruption scandal.
