March 21, 2020 / 1:23 AM / 16 days ago

Goldman Sachs CEO's 2019 compensation rises 19%

FILE PHOTO: David Solomon, chairman and CEO of Goldman Sachs, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake/File Photo

NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) Chief Executive David Solomon’s total compensation rose by 19%, or $4 million (3.4 million pounds), for 2019 compared with 2018, according to a regulatory filing released on Friday.

Solomon’s total compensation for 2019 was $24.7 million, up from $20.7 million in 2018, according to Goldman’s proxy statement.

The disclosure comes as companies face pressure to cut payouts to investors to curb the fallout from the coronavirus outbreak.

Solomon’s compensation compared to the median compensation of all other Goldman employees represented a ratio of about 178:1, according to the proxy statement.

Goldman’s president, John Waldron, received total compensation of $22.3 million in 2019, up from $16.8 million in 2018, the filing showed.

Goldman for the 2019 full year reported net earnings of $8.47 billion, a decline of 19% from the prior year. The result included provisions of $1.24 billion for litigation and regulatory proceedings.

Reporting by Elizabeth Dilts Marshall in New York and Kanishka Singh in Bengaluru; Editing by Chris Reese and Leslie Adler

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