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Business & Finance

$10mn pay-cut for Goldman Sachs CEO over 1MDB scandal

  • "The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr.
27 Jan 2021

SAN FRANCISCO: Goldman Sachs cut its CEO David Solomon's 2020 salary by $10 million to $17.5 million because of the bank's role in the 1MDB Malaysian bribery scandal, according to documents filed Tuesday.

"The amounts of remuneration reflect the decision announced by the board of directors," said a securities filing that also detailed pay-cuts for COO John Waldron and CFO Stephen Scherr.

Although the three were not "aware of the firm's participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure," it said.

Goldman Sachs pleaded guilty in October over its role in the scandal, and agreed to pay nearly $3 billion to close US investigations.

Former Malaysian leader Najib Razak was sentenced last year to 12 years in jail on corruption charges linked to the scandal that led to the downfall of his government.