Goldman Sachs Group slashed its chief executive officer David Soloman's pay by 29 per cent to $25 million for 2022.
Soloman's pay comprises a $2 million base salary, $6.9 million cash bonus and $16.1 million in restricted stock, reported Reuters.
In 2021, he was paid $35 million.
As per reports, the bank's compensation committee cited that the factor for deciding Soloman's pay was the "challenging operating environment."
The bank stated in the filing report that it was noted his "strong individual performance and effective leadership."
Among the CEOs of the biggest US banks, this cut was the largest, reported Reuters.
The compensation of Morena Stanley CEO James Gorman's compensation was reduced by 10 per cent to $31.5 million for 2022.
Also according to reports, Goldman's fourth-quarter profit slouched to $1.33 billion as investment banking was affected and its consumer business lost money. When the company reported its earning in January 17, the banks shares tumbled more than 6 per cent.
In an interview with Reuters, Soloman had said last week that "Good companies should invest and innovate and try new things. And by the way, when you do, you're not going to always get it right."
Goldman Sachs laid off around 3,000 employees in January this year. Around 700 employees were let go from Goldman Sachs from India as well as part of the layoffs. The worsening of the macroeconomic conditions were cited as the reason for jobcuts.