In October, the bank said that Solomon would face a pay cut, along with other top executives including its CFO Stephen Scherr and COO John Waldron in light of findings from the investigation that involved the US Department of Justice and other authorities.
Scherr’s pay was reduced to $15.5 million from $22.5 million in 2019. Waldron’s pay was slashed to $18.5 million, down from $24.5 million in 2019. In total, the three executives’ total compensation for 2020 was reduced by $24 million in response to the bribery scandal fallout.
“While none of Messrs. Solomon, Waldron or Scherr was involved in or aware of the firm’s participation in any illicit activity at the time the firm arranged the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure, inconsistent with the high expectations it has for the firm,” the filing stated.
CNN’s Eoin McSweeney contributed to this report.
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