(Bloomberg) -- Goldman Sachs Group Inc. handed its top two executives retention awards valued at $80 million each and introduced a new program to give its leaders a slice of carried interest earned on private equity funds as it tries to compete on pay with top alternative asset managers.
The retention awards are the second in just over three years given to Chief Executive Officer David Solomon and President John Waldron. Goldman also gave Solomon a $39 million pay package for 2024, a year in which the bank’s profits surged. The award, disclosed in a filing on Friday, is a roughly 25% increase on Solomon’s package for the previous year of $31 million.
Goldman Sachs has aimed to compete more directly with private equity firms in attracting funds into its alternative-assets unit, and has seen leaders of those buyout rivals — several of whom are Goldman alumni — receive huge long-term awards.
The retention stock bonuses vest in January 2030.
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