By Dean Seal
Goldman Sachs Group is giving each of its two top executives $80 million worth of restricted stock units in a bid to keep them in the C-suite.
The bank said Friday that Chief Executive David Solomon and Chief Operating Officer John Waldron were awarded the units based on their leadership and performance.
Goldman's board also has given Solomon, Waldron, Chief Financial Officer Denis Coleman, Chief Legal Officer Kathryn Ruemmler and other senior leaders some of the carried interest on several of the asset management group's alternative funds.
The new carried interest program is designed to reduce the cash element of its participants' annual variable compensation, while making it easier to attract and retain talent, Goldman said.
The board also has decided to set Solomon's compensation package for 2024 at $39 million, up from $31 million in 2023.
Goldman reported on Wednesday that its profit doubled to $4.11 billion in the fourth quarter as revenue rose 23%. That brought full-year earnings up to $14.28 billion, a 68% increase from the year before.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
01-17-25 1041ET