In October, the bank said Solomon would face a pay cut, along with other senior executives including Chief Financial Officer Stephen Sher and Chief Operating Officer John Waldron in light of the findings of an investigation that included the US Department of Justice and other authorities.
Sher’s pay was reduced to $ 15.5 million from $ 22.5 million in 2019. Waldron’s pay was reduced to $ 18.5 million, down from $ 24.5 million in 2019. Altogether, the three CEO’s total compensation for 2020 was reduced by $ 24 million in response For bribery scandal falls.
“While none of Messrs Solomon, Waldron or Sher was involved in or aware of the company’s participation in any illegal activity at the time the company arranged 1MDB bond transactions, the Board considers the 1MDB issue an institutional failure, inconsistent with its high expectations for the company. .
CNN’s Ewen McSweeney contributed to this report.