Solomon’s $100 million share more than doubles last year’s record pay

Goldman Sachs’s top 20 bankers are in line to share a bonus pool worth up to $500 million this year, one of the largest payouts in the Wall Street bank’s history. The award, first reported by Bloomberg, stems from a long-term plan first crafted in 2021 and is tied to the bank’s share price performance over the past five years against peers including JPMorgan and Bank of America. The final figure is to be confirmed later this month.

The bulk of the payout, made up of Goldman Sachs stock, is expected to flow to Chief Executive David Solomon, who is due to take about $100 million (£75.6 million) of the pot. That figure is more than double the value of the record $47 million (£35.5 million) annual pay packet Solomon was granted last year.

A Goldman Sachs spokesperson said the board created the awards “to achieve three principal objectives: align compensation with rigorous performance thresholds, ensure leadership continuity and enhance retention of our top talent in an increasingly competitive market.” The spokesperson added that “it’s no secret our firm has performed exceptionally well in the years since.”

The president of Goldman Sachs, John Waldron, who is widely expected to succeed Solomon as chief executive, is also in line for a payout, alongside other senior leaders including the co-heads of global banking and markets, Ashok Varadhan and Dan Dees.

The bonus pool reflects the value of Goldman Sachs stock, which has surged roughly 146% over the past five years and has climbed about 300% since Solomon took the helm as chief executive. The final award is tied both to that absolute climb and to the stock’s performance relative to JPMorgan and Bank of America over the same period.

The $500 million payout is the latest in a string of large executive awards on Wall Street. Citigroup announced earlier this year that Chief Executive Jane Fraser had been paid a record $42 million (£31.8 million) for 2025. JPMorgan Chief Executive Jamie Dimon took home a total pay package worth $43 million (£32.5 million) last year, up 10% from the prior year; Dimon’s own long-term incentive award is worth about $270 million (£204.1 million), according to Bloomberg.

News of the bonus came days before Goldman Sachs is due to report third-quarter earnings on October 13.