Goldman Sachs disclosed that David Solomon’s total annual compensation for 2025 rose 20.5% to $47 million, a package that places him among the top-paid executives on Wall Street.
The compensation breakdown shows a base salary of $2 million and $45 million in annual variable pay. The bank noted that Solomon’s pay compares with $31 million in 2023 and $39 million in 2024. The increase follows a year in which the firm posted stronger-than-expected results, driven by heightened dealmaking and trading activity.
Goldman’s board said in its filing that it determined the compensation by weighing the bank’s financial performance on absolute and relative measures, the operating environment in 2025 and the firm’s longer-term results.
Performance drivers
Goldman capped a strong fiscal year with fourth-quarter results that exceeded Wall Street expectations. The bank served as adviser on several large transactions in 2025, including a leveraged buyout of Electronic Arts valued at $55 billion (corrected from $56.5 billion in earlier reporting) and Alphabet’s $32 billion acquisition of cloud security firm Wiz. In addition, Goldman acted as a lead underwriter on Medline’s initial public offering in the fourth quarter, which was the largest global listing in 2025.
These transactions helped Goldman reclaim the top position in global mergers and acquisitions for 2025, with the bank advising on $1.48 trillion in deal volume and generating $4.6 billion in fees.
The firm also signaled optimism for investment banking activity in 2026. The board highlighted an operating backdrop that included a more accommodating regulatory stance under U.S. President Donald Trump, coupled with lower interest rates and ample liquidity, which it said had encouraged companies to increase dealmaking and benefited investment banks.
Share performance and leadership context
Under Solomon’s leadership, Goldman’s shares rose 53.5% in 2025, outperforming the broader market index and most banking peers. Solomon joined Goldman as a partner in 1999 after leaving Bear Stearns and rose through the firm’s ranks before succeeding Lloyd Blankfein as chief executive. Solomon, 64, was named CEO in 2018. The filing also recalls that early in his career he had been rejected for a role at Goldman straight out of college.
The bank also confirmed board-level movement around succession planning. President and Chief Operating Officer John Waldron was appointed to Goldman’s board a month after receiving a 2025 retention bonus, reinforcing his profile as a potential successor to Solomon. Waldron became the second management committee member to hold a board seat alongside Solomon.
Market comparison
Solomon’s 2025 package eclipses the $43 million annual pay announced for JPMorgan Chase’s CEO, which had risen by a little over 10% in its own update. Goldman’s compensation decision follows its assessment of financial results, the bank’s competitive positioning and expectations for the coming operating environment.
Summary
Goldman Sachs approved a 20.5% increase in David Solomon’s total annual compensation to $47 million for 2025, reflecting strong dealmaking, trading performance and overall financial results. The board said it set pay after reviewing absolute and relative performance, the 2025 operating climate and longer-term outcomes. The bank led global M&A in 2025, advising on $1.48 trillion of deals and collecting $4.6 billion in fees.