Goldman Sachs CEO Gets 20% Pay Raise As Wall Street Demands Bailouts
Goldman Sachs CEO David Solomon was granted a 19 percent raise last year, according to The Wall Street Journal, with the news coming as traders and bankers with the company saw their own bonuses cut and now face economic uncertainty in the months ahead.
The bank said on Friday that Solomon earned $24.7 million in 2019, which included “a $7.7 million cash bonus and almost $15 million in stock,” the Journal noted, and was up from $20.7 million the previous year.
Other top players at Goldman received healthy increases as well, but the “pay packages are likely to rile employees who saw their bonus checks shrink in 2019 as Goldman spent heavily to build new businesses like consumer banking and upgrade its technology.” The bank's profits sunk to a four-year low, according to the report.
The news also hit as industries are begging the Trump administration for bailouts in the midst of the coronavirus pandemic, bringing to many Americans' minds the Wall Street bailout just more than a decade ago, at which time Goldman received $10 billion.