Goldman Sachs slashes CEO salaries by $ 10 million due to a massive scandal

Solomon’s compensation package has been reduced to $ 17.5 million for 2020, down from the $ 27.5 million he received in 2019. According to the US Securities Depository and Stock Exchange Tuesday. The $ 10 million payment comes after Goldman agreed to pay Almost 3 billion dollars After pleading guilty to accusations of bank conspiring to violate US anti-bribery laws in a massive scandal with 1MDB.

In October, the bank said Solomon would face a pay cut, along with other senior executives including Chief Financial Officer Stephen Sher and Chief Operating Officer John Waldron in light of the findings of an investigation that included the US Department of Justice and other authorities.

The scandal is about bond sales that Goldman Sachs (P) It arranged and subscribed to 1MDB, which the US Department of Justice claims $ 4.5 billion was stolen from. The Ministry of Justice accused Malaysian financier Goh Lu, who was linked to the movie „The Wolf of Wall Street,“ of masterminding a plot to transfer money from the fund to the bank accounts of former Malaysian Prime Minister Najib Razak.

Sher’s pay was reduced to $ 15.5 million from $ 22.5 million in 2019. Waldron’s pay was reduced to $ 18.5 million, down from $ 24.5 million in 2019. Altogether, the three CEO’s total compensation for 2020 was reduced by $ 24 million in response For bribery scandal falls.

„While none of Messrs Solomon, Waldron or Sher was involved in or aware of the company’s participation in any illegal activity at the time the company arranged 1MDB bond transactions, the Board considers the 1MDB issue an institutional failure, inconsistent with its high expectations for the company. .

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CNN’s Ewen McSweeney contributed to this report.

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