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David Solomon didn’t knife Marty Goldman to become the second-shortest-serving head of Goldman Sachs in history. He’s not done remaking the firm in his own, rather boring and pedestrian, image, and still has a ways to go before not being remembered as the 1MDB CEO. The man’s only 59 years young and, as anyone who’s survived seeing one of his sick D.J. sets will attest, full of life. And as his immediate predecessor could tell him, he’s got nowhere else to go anyway.

Still, totally unnecessary executive retention bonuses seem to be all the rage these days.

The bank’s board of directors granted Mr. Solomon more than 73,000 restricted stock units, according to a regulatory filing Friday. [President John] Waldron received nearly 49,000 restricted stock units. The executives are required to hit certain performance targets and stay with the bank for the next five years to receive the bonuses…. If the bank were to hit the top targets, Mr. Solomon’s bonus would be worth more than $50 million and Mr. Waldron’s would be worth more than $35 million….

The bonuses aren’t part of their regular annual compensation. The bank said in a filing that it wants to “ensure leadership continuity over the next 5+ years”—roughly the time frame that Mr. Solomon is expected to stay. It also cited “the rapidly increasing war for talent in the current environment.”

Yea, I mean, if the board didn’t start making up for all of those pay cuts imposed on Solomon all of, uh, last year, he might just leave to run Truist or the Dallas Fed or Nikola or WeWork or something, we guess.

Goldman Sachs Awards One-Time Bonuses to Executives David Solomon, John Waldron [WSJ]



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