By Ben Glickman


Goldman Sachs Group's chief executive officer earned $6 million more in 2023 than in the prior year.

CEO David Solomon will have a total annual compensation of $31 million for 2023, the bank said in a regulatory filing Friday. That's up from $25 million in 2022.

Solomon's base salary of $2 million is unchanged, but his annual variable compensation, most of which is in the form of performance based restricted stock units, rose to $29 million.

In determining Solomon's compensation, the company said it considered his "decisive leadership in recognizing the need to clarify and simplify the firm's forward strategy," as well as its progress on strategic priorities and delivering shareholder value.

Goldman said in the filing that it also considered absolute and relative financial performance. The bank last year moved to exit from much of its consumer lending business, an area it had concentrated in an attempt to expand and grow its business.

Goldman's revenue was down 2% in 2023, while profit fell 24%.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

02-16-24 1221ET