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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
In 2024 Union Budget, Focus Likely On Jobs, Rural India: Goldman Sachs Woman, 28, Was Earning 6 Figure Salary But Quit Goldman Sachs. Here's Why She Was Set To Break Goldman Sachs' Glass Ceiling. Now She Is Leaving Who Is Jasveen Sangha, "Ketamine Queen" Charged With Matthew Perry's Death "Don't Expect Anything From Me": Kolkata Hospital's New Principal Loses Cool Mamata Banerjee To Take Out Rally Over Rape-Murder. Trinamool Explains Why Mamata Banerjee To Take Out Rally Over Rape-Murder. Trinamool Explains Why UPSC National Defence Academy 2 Admit Card to Be Released Soon UGC NET City Intimation Slips For August 27 Exam To Be Out Shortly Track Latest News Live on NDTV.com and get news updates from India and around the world.