If you're a senior executive at Goldman Sachs, you're going to be paid very handsomely. DJ/CEO David Solomon received total compensation of nearly $21m last year according to Goldman's recent proxy statement. COO and president, John Waldron, wasn't far behind on nearly $17m. CFO Stephen Scherr scraped the barrel on $15.3m.
Having a big job at Goldman Sachs isn't just about the big money though. It also comes with benefits, and the benefits can be pretty generous in themselves.
Last year, for example, Goldman's now ex-CEO Lloyd Blankfein received the equivalent of $62k in the services of a car and a driver. Solomon's car and driver cost the firm $53k. And then-CFO Marty Chavez was given a car and driver costing $41k.
Goldman's senior executives received tax counselling services (totalling $118k for Solomon) and the use of private jets. They also got to feel good about themselves by directing donations to charities of their choice through GS Gives, Goldman's philanthropic platform which allows the firm's partners to make and direct donations to not-for-profit organisations around the world. Solomon recommended donations of $2m, for example, while Chavez and Scherr recommended $1.8m and $1.6m respectively.
Whilst this all sounds very generous, it's worth noting that Goldman isn't nearly as lavish with its perks as it used to be. Back in 2006, spending on Lloyd Blankfein's car and driver alone was $198k.
Some things haven't changed though. Goldman's executives have always been restricted in their use of the jets. Goldman's aircraft can only be used for business purposes. If executives take them out for personal use they face a charge reflecting the cost of their outing. The same applies if passengers are taken on business flights - the executive has to pay for the passenger to come along. This has always been the case. When Solomon jets-off DJ-ing, he probably flies commercial...
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