Goldman Sachs Increases Compensation for Top Executives: New Bonus Plan to Secure the Future

Goldman Sachs has increased the annual compensation of its CEO David Solomon by 26% to $39 million, according to a recent announcement. Additionally, the board approved a stock bonus package worth $80 million to secure his position for another five years. John Waldron, the bank's President and Chief Operating Officer, also received a similar bonus package of $80 million in the form of restricted stock, which will be paid out in five years. Waldron is being considered as a potential successor to CEO David Solomon. A Goldman Sachs spokesperson emphasized that the company is performing strongly and the board is determined to maintain this momentum, ensure stability, and secure a solid succession plan. The adjustment of the compensation strategy aims to continue attracting and retaining the best talent within the company, particularly as the competition for top personnel from Goldman Sachs is currently very intense, including from asset managers and other non-banks. Recently, Goldman Sachs exceeded Wall Street expectations and achieved its largest quarterly profit in over three years, as the bank's investment bankers garnered higher fees for transactions and its traders benefited from active markets. Net income rose to $4.11 billion in the fourth quarter, the bank reported on Wednesday.