Goldman Sachs CEO bought 30% pay reduce — however nonetheless made $25 million

Goldman Sachs CEO got 30% pay cut -- but still made $25 million

New York

Goldman Sachs had a rough year in 2022. And CEO David Solomon was punished for that. Sort of.

The investment banking giant said in a Securities and Exchange Commission filing Friday that Solomon received $25 million in annual compensation last year. While that is still a very large amount of money, it’s down nearly 30% from the $35 million that Solomon raked in during 2021.

Solomon’s $2 million annual salary is unchanged. But the company said that his “annual variable compensation,” paid in a mix of performance-based restricted stock units and cash, was well below 2021 levels.

The reason: Weaker earnings compared to 2021’s results. Goldman Sachs

(GS) shares also fell more than 10% in 2022, although that wasn’t as big of a drop as the ones suffered by rivals Morgan Stanley

(MS), JPMorgan…