On Breakingviews: Goldman slashes CEO pay. It comes off as less about performance than a nod to staff facing layoffs and smaller bonuses. But while employees may see solidarity, shareholders could see a boss losing his board's confidence, says johnsfoley
To dwell on that, however, assumes too much science in what is basically a symbolic move. It would have been hard to reward Solomon at a time when employees are feeling the chill, and hot on the heels of 3,200 layoffs. Morgan Stanley also paid less to Chief Executive James Gorman, though only by 10%. And Goldman’s board hasSolomon’s humble pie may taste good to his Goldman colleagues, but it could present a different flavor profile to shareholders.
The board said it factored in the company’s 2022 performance and Solomon’s “strong individual performance and effective leadership.”Editing by Jeffrey Goldfarb and Sharon LamOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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