Goldman Sachs Sweetens the Deal for Top Execs

Goldman Sachs has increased the pay of its CEO, David Solomon, by 26% to $39 million. Alongside this, they've set up retention plans worth $80 million for both Solomon and the bank's president, John Waldron. This move aims to keep the duo at the helm, following a strong performance year. The bank has been dealing with internal issues and the failure of their consumer banking venture. Despite this, Solomon's leadership is backed by the board and investors.

Waldron, who considered offers from other firms, also received a substantial retention package. This is a significant step, considering JPMorgan's $50 million package for Jamie Dimon. Goldman Sachs is now tying executive bonuses to the performance of their alternative asset funds, a practice more common in private equity. The bank wants to attract and retain top talent amidst fierce competition.

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