Goldman Sachs announces CEO David Solomon to receive $25 million compensation for last year’s work. The package comprises a $2 million base salary and $23 million in variable compensation. Majority of the bonus ($16.1 million) is in the form of restricted shares linked to performance and the rest in cash.

Solomon’s compensation of $25 million is 29% less than the $35 million he received for 2021 performance. Goldman reported a 48% drop in full-year earnings to $11.3 billion due to decreases in investment banking and asset management revenue.

The bank suffered due to slowdowns in capital markets activity industry-wide as well as Federal Reserve’s interest rate hikes. Additionally, Solomon dealt with challenges as Goldman had to reduce its consumer finance goals and lay off nearly 4,000 employees in two rounds of layoffs.

Solomon’s compensation is lower than that of JPMorgan Chase CEO Jamie Dimon ($34.5 million) and Morgan Stanley CEO James Gorman ($31.5 million).