Goldman Sachs Executives Set for Over $500 Million in Special Awards

Goldman Sachs Group’s top executives are set to receive special equity awards worth more than $500 million, Bloomberg News reported on Wednesday. The awards, granted in October 2021, were disclosed by Goldman in various regulatory filings beginning in late 2021 and early 2022, according to a source familiar with the matter.

Around 20 executives are expected to receive the performance-based awards, which are likely to be finalized later this month, Bloomberg reported. CEO David Solomon is set to receive more than $100 million, while President John Waldron, seen as a potential successor to Solomon, is also among the recipients. Business heads Ashok Varadhan, Dan Dees and Marc Nachmann are among the other executives eligible for the payouts.

The awards reflect Goldman’s performance over a five-year period in which the bank outperformed most of its rivals, according to the report. Such equity-based compensation is commonly used by major companies to reward long-term performance and retain senior leadership. Goldman Sachs is expected to announce its third-quarter earnings next week.

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