Goldman Sachs Executives to Receive Over $500 Million in Special Bonuses
The awards, granted in 2021, reflect a five-year period of strong performance for the investment bank.
Goldman Sachs Group's top executives are poised to receive special equity awards totaling more than $500 million, according to a report from Bloomberg News. The significant payout underscores a five-year period during which the bank reportedly outperformed many of its competitors.
The special awards were initially granted in October 2021. Goldman Sachs disclosed details about these awards in various regulatory filings in late 2021 and early 2022, a source familiar with the matter told Reuters.
Approximately 20 executives are expected to benefit from these awards, which are anticipated to be finalized later this month, Bloomberg reported, citing individuals with knowledge of the matter. Among the recipients is CEO David Solomon, who is expected to receive over $100 million.
Other senior leaders in line for these awards include President John Waldron, who is considered Solomon's likely successor, as well as business heads Ashok Varadhan, Dan Dees, and Marc Nachmann.
Such performance-based equity awards are a common compensation strategy employed by companies. They are designed to align the interests of senior management with the long-term financial performance of the company and to aid in retaining key executive talent.
Goldman Sachs is scheduled to release its third-quarter earnings report next week.