LOADING

Type to search

Goldman Sachs CEO Solomon Pays Price of 1MDB Scandal

Business Companies Crime and Incidents David Solomon Goldman Sachs scandal US US News

Goldman Sachs CEO Solomon Pays Price of 1MDB Scandal

Share

NEW YORK—Goldman Sachs Chief Executive David Solomon’s annual pay fell by $10 million, or 36 percent, in 2020, according to regulatory disclosures filed Tuesday, reflecting the bank’s role in Malaysia’s 1MDB scandal. Solomon will receive $17.5 million for his work during the year, compared with $27.5 million the year before, the bank said. Goldman previously announced it would reduce Solomon’s pay, along with that of Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron, in light of the findings of investigations into the bank’s role in the affair. The scandal dates to the government of former Malaysian Prime Minister Najib Razak, which set up the 1MDB fund in 2009. Between 2009 and 2014, Goldman bankers paid more than $1.6 billion in bribes to foreign officials in Malaysia and Abu Dhabi to win 1MDB business, including underwriting $6.5 billion in bond sales, for which it earned $600 million in …

Leave a Comment

Your email address will not be published. Required fields are marked *