A prominent adviser to shareholders is taking umbrage at the special bonus grants to Goldman Sachs’s CEO and a top deputy — a rebuke that comes at an awkward time for the bank as its stock turns in the worst showing among peers in 2022.
Across Wall Street, where surging business during the pandemic generated huge windfalls, banks like JPMorgan Chase and Bank of America have vowed to pay competitively for top talent, with none more willing than Goldman to splash cash on retention. But the rising compensation costs have met little enthusiasm from shareholders, with Goldman the worst performing among the biggest US bank stocks after erasing 18% in value in 2022.
Still, the investment adviser broadly gave Goldman’s executive compensation practices in 2021 a “C” grade, an improvement on the “F” it assigned for 2019 when it cited a “significant disconnect” between the bank’s pay and performance. At that time, it recommended shareholders sign off.
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Don’t allow huge bonus for Goldman Sachs top brass, investment adviser urgesGlass Lewis recommends Goldman investors vote against a pay package that puts David Solomon and John Waldron in line for about $50m in one-time bonuses
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