Goldman awards CEO Solomon $47m in third straight 20%+ raise

Goldman Sachs will pay chief executive David Solomon $47 million for 2025, making him the highest-paid leader among the largest US banks after another year of strong financial performance.

The bank disclosed the compensation package on Friday, a day after JPMorgan Chase said it would pay its chief executive Jamie Dimon $43 million, according to Reuters. Solomon’s payout represents a 20.5% increase from the $39 million he received for 2024.

Goldman’s board said the award reflected “continued and significant shareholder value creation” under Solomon’s leadership. The bank reported its second-highest annual net revenues, at nearly $58.3 billion, and net earnings of about $17.2 billion for the year. Goldman’s share price rose more than 50% over the same period.

The pay package includes a $2 million base salary, a $10.1 million cash bonus, $31.5 million in performance share units and $3.4 million in carried interest from funds managed by the bank, Goldman said.

The increase marks Solomon’s third consecutive annual pay rise of more than 20%, reinforcing the board’s support after a period when his position had been questioned. In 2023, Goldman was grappling with losses and strategic setbacks from its now-abandoned consumer banking push, including the Apple Card partnership, which the bank has since agreed to offload to JPMorgan.

Since then, Goldman has refocused on its core businesses. The board highlighted strong momentum in asset and wealth management, as well as in global banking and markets, and said the bank had “meaningfully improved” its risk profile.

Goldman has also pursued selective acquisitions, agreeing since October to buy exchange-traded fund issuer Innovator Capital Management for about $2 billion and venture capital platform Industry Ventures for close to $1 billion, Reuters reported.

The board also cited executive retention as a factor in its compensation decisions, noting competition for senior talent from rival banks and alternative asset managers. Goldman last year awarded Solomon an $80 million retention bonus to keep him in the role through 2030, and offered a similar incentive to president and chief operating officer John Waldron.

Other large US banks are expected to disclose chief executive pay packages in the coming weeks. In 2024, all six of the biggest US banks paid their CEOs more than $30 million, reflecting a broader rebound in profitability across the sector.

With regulatory pressure easing and dealmaking activity showing signs of recovery, investors will be watching whether Goldman’s performance — and Solomon’s pay trajectory — can be sustained into 2026.