Goldman Sachs CEO David Solomon and his top lieutenants all received massive pay raises on Friday, as Wall Street demands multi-billion dollar government bailouts because of the coronavirus.
“Chief Executive David Solomon got a 19% raise in 2019, a message likely to resonate poorly among traders and bankers who saw their own bonuses cut and who are facing a long period of economic uncertainty,” The Wall Street Journal reported Friday.
“Mr. Solomon earned $24.7 million in 2019, the bank said Friday, including a $7.7 million cash bonus and almost $15 million in stock. That is up from $20.7 million the year before, most of which he spent as CEO-in-waiting, and makes him Goldman’s best-paid chief since Lloyd Blankfein took home $41 million in 2008,” the newspaper reported.
“His top lieutenants also received pay bumps. John Waldron, the banks’ president and chief operating officer, was paid $22 million and finance chief Stephen Scherr received $20 million,” The Journal noted.
The pay raise came as Wall Street is seeking multi-billion dollar government bailouts due to the COVID-19 coronavirus.
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