Business
Goldman Sachs CEO David Solomon gets $10 million pay cut over bank’s role in 1MDB scandal – CNBC
The pay cut for Solomon reflects prior penalties imposed on the bank and not Solomon’s own conduct, the SEC filing said.
Goldman Sachs CEO David Solomon saw his pay slashed by just over a third for 2020 as part of a punishment for the bank’s role in the 1MDB scandal.
The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB.
The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary, reflects…
