AI English summary of an SEC filing — figures as filed
Goldman Sachs GSThe company said its board, on the recommendation of the Compensation Committee, set David Solomon's total annual compensation for 2023, its Chairman and Chief Executive Officer, at $31 million. This consists of an annual base salary of $2 million and annual variable compensation of $29 million. His total annual compensation for 2022 was $25 million.
Key points
AI summaryThe company said its board, on the recommendation of the Compensation Committee, set David Solomon's total annual compensation for 2023, its Chairman and Chief Executive Officer, at $31 million. This consists of an annual base salary of $2 million and annual variable compensation of $29 million. His total annual compensation for 2022 was $25 million.
The company said it will pay seventy percent of the $29 million annual variable compensation (or $20.3 million) in performance-based restricted stock units (PSUs) and the remainder in cash. It said this ties 100% of Mr. Solomon's equity-based compensation to ongoing performance metrics.
The company reported full-year net revenues of $46.25 billion, net earnings of $8.52 billion, diluted earnings per common share of $22.87 and return on average common shareholders' equity of 7.5% for the year ended December 31, 2023. It also said book value per share rose 3.3%.
The company said its 2023 full-year results were affected by selected items tied to the execution of its narrowed strategic focus, as well as the FDIC special assessment fee. It said these items reduced net earnings by $2.8 billion, earnings per share by $8.04 and return on equity by 2.6 percentage points.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
David Solomon's 2023 total annual compensation of $31 million
The company said its board, on the recommendation of the Compensation Committee, set David Solomon's total annual compensation for 2023, its Chairman and Chief Executive Officer, at $31 million. This consists of an annual base salary of $2 million and annual variable compensation of $29 million. His total annual compensation for 2022 was $25 million.
Source · Based on the filing body and exhibits
$20.3 million of variable pay paid in PSUs
The company said it will pay seventy percent of the $29 million annual variable compensation (or $20.3 million) in performance-based restricted stock units (PSUs) and the remainder in cash. It said this ties 100% of Mr. Solomon's equity-based compensation to ongoing performance metrics.
Source · Based on the filing body and exhibits
2023 full-year net revenues of $46.25 billion, net earnings of $8.52 billion
The company reported full-year net revenues of $46.25 billion, net earnings of $8.52 billion, diluted earnings per common share of $22.87 and return on average common shareholders' equity of 7.5% for the year ended December 31, 2023. It also said book value per share rose 3.3%.
Source · Based on the filing body and exhibits
Strategic Focus Items and FDIC Special Assessment Fee
The company said its 2023 full-year results were affected by selected items tied to the execution of its narrowed strategic focus, as well as the FDIC special assessment fee. It said these items reduced net earnings by $2.8 billion, earnings per share by $8.04 and return on equity by 2.6 percentage points.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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