Top executives at Goldman Sachs are set to share a bonus pot worth up to $500 million (£378 million) this year, marking one of the largest payouts in the bank's history. This substantial sum will be divided among 20 bankers, with CEO David Solomon expected to receive approximately $100 million (£75.6 million) of the total, primarily in the form of Goldman Sachs stock.
Record Bonuses
This bonus is more than double the record $47 million (£35.5 million) annual pay packet Solomon received last year. The $500 million bonus pot is the result of a long-term investment plan initiated by the bank in 2021. The final amount, which will be confirmed later this month, is linked to the performance of Goldman’s share price over the past five years, as well as its stock performance compared to competitors like JP Morgan and Bank of America.
Goldman Sachs stated that these bonuses are designed to encourage executives to remain with the bank in an increasingly competitive market. John Waldron, the bank’s president and a likely successor to Solomon, is also expected to receive a payout, along with other top executives such as Ashok Varadhan and Dan Dees, co-heads of global banking and markets.
