David Solomon, head of the American bank Goldman Sachs, has to accept a significant decrease in his remuneration for the 2022 financial year.
According to the "Financial Times", the manager earned around 30 percent less in 2022 than in the previous year.
The bottom line is that Solomon earned a total of $25 million -- $2 million in base salary and $23 million in variable compensation.
According to the report, Goldman Sachs justified its decision with the weak fiscal year.
The bank's net profit in 2022 fell by almost 50 percent compared to the record year 2021.
Thousands of employees lost their jobs as a result – employee bonuses were reduced.
According to the newspaper, 3,200 employees had to leave in January of this year alone as part of the largest cost-cutting measures since the 2008 financial crisis.
Solomon was one of the big earners on Wall Street in 2021 alongside Morgan Stanley's James Groman.
His compensation at the time was around $35 million.
So far, there has been repeated speculation about the amount of Solomon's income in 2022.
At 30 percent, the reduction is significantly higher than that of the competition.