The board lifted the chief executive officer's pay after profit tumbled 24% and the firm spent much of the year dousing internal rifts and pitching investors on a simplified strategy. After giving up on its retail-banking ambitions, New York-based
The package for the 62-year-old banker includes a $2 million base salary and $29 million in variable compensation, with $20.3 million of that in the form of restricted stock units, according to a regulatory filing. His pay jump was greater than
Unlike last year, the pay announcement was made after the conclusion of an annual gathering of the firm's top-ranked executives in Florida.
READ MORE:
The bank was hurt last year by clogged-up capital markets that kept a lid on fees and magnified losses on real estate investments, as well as its failing consumer strategy. That resulted in
Solomon's pay for 2022 was down about 30% after an even bigger profit plunge that year.
While the bank still touts three divisions in its results, it has avoided spotlighting what it calls the "platform solutions" business and has been directing investors to focus on its investment bank and the money-management business. Those two groups accounted for about 95% of
Last month, JPMorgan Chase said it awarded longtime CEO Jamie Dimon
READ MORE: