Goldman Sachs Hands $80 Million Retention Awards to Solomon, Waldron

Goldman Sachs Group Inc. has awarded its top two executives, CEO David Solomon and President John Waldron, retention awards valued at $80 million each. This is the second such award given to them in just over three years, indicating the company's commitment to retaining its key leaders. The retention awards, along with Solomon's $39 million pay package for 2024, reflect Goldman Sachs' willingness to invest in its top talent to maintain its competitive edge in the financial industry.



The retention awards are part of a new program introduced by Goldman Sachs to give its leaders a slice of carried interest earned on private equity funds. This move is aimed at helping the company compete with top alternative asset managers in terms of compensation. The retention awards are in addition to the $39 million pay package that Solomon received for 2024, a year in which the bank's profits surged.



Goldman Sachs' stock peaked in August 2021, in the middle of the last dealmaking boom, at $420.73. Since Solomon was named CEO in October 2018, it has risen 72%. Year to date, the stock is down slightly. The retention awards and Solomon's pay package reflect the company's strong performance and its commitment to retaining its top talent.

The retention awards are part of a broader trend of significant long-term compensation for top executives at Goldman Sachs. The bank has shown a commitment to retaining its key leaders by offering substantial retention packages. These awards, along with Solomon's pay package, demonstrate the company's willingness to invest in its top talent to maintain its competitive edge in the financial industry.

Goldman Sachs' strategic benefits from offering such substantial retention awards include attracting and retaining top talent, motivating performance, maintaining stability and continuity, competing with alternative asset managers, and reinforcing the company's reputation. These benefits help Goldman Sachs maintain its competitive edge in the financial industry and ensure the long-term success of the company.

In conclusion, Goldman Sachs' retention awards to Solomon and Waldron, valued at $80 million each, reflect the company's commitment to retaining its top talent and maintaining its competitive edge in the financial industry. The retention awards, along with Solomon's $39 million pay package for 2024, demonstrate the company's willingness to invest in its top talent to ensure the long-term success of the company.