Goldman Sachs cuts pay of chief executive David Solomon by $10m

Bank decided last year to cut executive pay after settling investigation into corruption scandal

Goldman Sachs has cut the pay of its chief executive, David Solomon, by $10m (7.3m) after the bank was forced to pay billions of dollars to settle an international investigation into its role in the 1MDB scandal.

Solomon was still granted a $15.5m bonus on top of his $2m annual salary, in light of the investment bank's bumper performance last year. It left Solomon with a pay packet totalling $17.5m, compared with $27.5m in 2019.