According to a regulatory filing by Goldman Sachs Group Inc (NYSE: GS), the lender’s Chief Executive Officer David Solomon received $31 million in total compensation last year, or an increase from $25 million in 2022.

The CEO’s total compensation includes a $2 million base salary and a bonus of $8.7 million in cash and $20.3 million in performance-related stock, the Wall Street bank said.

The pay raise follows a 24% drop in the lender’s profit to $8.52 billion last year.

The financial group said the pay package reflected the CEO’s “decisive leadership in recognizing the need to clarify and simplify the firm’s forward strategy.”

“The Compensation Committee believes that the actions of senior management were critical to reorienting the firm with a much stronger platform for 2024 and beyond,” Goldman Sachs said in the regulatory filing, cited by Reuters.

Stock Performance

The shares of Goldman Sachs Group Inc (GS) closed 0.25% ($0.98) lower at $384.44 in New York on Friday, following a 1.95% gain in the previous market session.

The financial group’s total market cap now stands at $125.37 billion.

The shares of Goldman Sachs Group Inc (GS) went up 12.34% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).

The lender’s shares have edged down 0.34% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 14 out of 21 surveyed investment analysts had rated Goldman Sachs Group Inc’s stock as “Buy”, while 7 – as “Hold”. The median price target on the stock stands at $426.47, which translates into a 10.93% upside compared to the closing price on Friday.

The high point of the analyst forecast range stands at $506.00.

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