Key facts
- Goldman Sachs Group's top executives are set to receive special equity awards worth over $500 million.
- The awards were granted in October 2021.
- Approximately 20 executives are expected to receive these awards.
- CEO David Solomon is slated to receive more than $100 million.
- The payout reflects Goldman Sachs' outperformance against rivals over a five-year period.
Goldman Sachs Group's top executives are in line to receive special equity awards valued at more than $500 million, according to a Bloomberg News report. These awards, granted in October 2021, are expected to be finalized later this month. The payout is intended to reward the firm's strong performance over the past five years, during which it reportedly outperformed many rivals.
Approximately 20 executives are set to benefit from these awards. Among the recipients is CEO David Solomon, who is expected to receive over $100 million. President John Waldron, along with business heads Ashok Varadhan, Dan Dees, and Marc Nachmann, are also slated to receive awards.
Such performance-based awards are a common practice in the financial industry, designed to align senior management's compensation with the company's long-term success and to aid in retaining key talent. Goldman Sachs is scheduled to report its third-quarter earnings next week.