1MDB bribery scandal: $10 million pay-cut for Goldman Sachs CEO David Solomon
Goldman Sachs
Goldman Sachs CEO David Solomon's pay was cut by $10 million in 2020 in response to the bank's role in 1MDB bribery scandal, one of the biggest financial scandals in history.
The bank, which saw its highest revenue in over a decade last year despite the coronavirus pandemic, has admitted to wrongdoing during its time working for a now-infamous Malaysian government development fund called 1Malaysia Development Berhad, or 1MDB.
The pay cut for Solomon, which at $10 million constitutes roughly 36% of his yearly salary.
"The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr.
Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said.
Goldman Sachs pleaded guilty in October over its role in the scandal and agreed to pay nearly $3 billion to close US investigations.
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(With inputs from agencies)