After the employees in the retrenchment, the boss also measured! Job saved but salary cut will get only $25 million
America’s investment banking and brokerage firm Goldman Sachs has cut the salary of CEO David Solomon. In terms of business, this year has been very bad for the company, due to which the decision to lay off the employees had to be taken.
Highlights
- The company has lost $3.8 billion in the last 3 years from the consumer business.
- CEO David Solomon’s salary has decreased by 30 percent to $ 25 million.
- The company has recently announced the removal of about 3 thousand employees.
New York. After the layoffs of employees in the world’s leading investment banking and brokerage firm Goldman Sachs Group (Layoffs in Goldman Sachs), the boss of the company has also been hit. The company has cut the salary of its CEO David Solomon. In fact, in terms of business, this year has been very bad for Goldman Sachs. Recently, the company started the process of laying off about 3,000 employees and most of the affected employees are from the banking team.
Due to fears of recession, tech and financial companies including Google, Twitter, and Amazon in America have laid off employees on a large scale. Goldman Sachs had invested a lot of money in running its consumer business, but in the last 3 years, the company has lost $ 3.8 billion from this business.
Now the salary is only $ 25 million
according to the news agency Bloomberg, Goldman Sachs has reduced CEO David Solomon’s salary by 30 percent to $ 25 million for 2022. Solomon’s package includes a base salary of $2 million with a variable pay of $23 million.
Due to fears of recession, the earnings of Wall Street giants have fallen. Goldman Sachs’ net income last year fell 48 percent to $11.3 billion, and the bank’s return on equity was 10.2 percent, well short of the 14 to 16 percent target it previously set for 2022.
Let us tell you that David Solomon was one of the highest-paid CEOs in major US banks in 2021. After this comes James Gorman of Morgan Stanley and Jamie Dimon, CEO of JP Morgan Chase & Company in terms of salary.
