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CEO David Solomon discussed these losses in a CNBC interview, noting that his own pay package had also been affected. After reaching a peak of $35 million in 2021, Solomon’s compensation dropped roughly 30% to $25 million in 2022, coinciding with a decline in Goldman’s shares and profits. It’s worth noting that Goldman Sachs’ P/E ratio stands at 13.14, according to InvestingPro data.
The bank’s compensation and benefits for Q3 surged by 16% from the previous quarter and the same period last year, totaling $4.2 billion. These expenses form part of the $11.9 billion outlay for the first nine months of the year. This increase in compensation is in line with the InvestingPro Tip that Goldman Sachs has been aggressively buying back shares, demonstrating a commitment to enhancing shareholder value.
The announcement comes amidst some churn within Goldman Sachs’ executive ranks. Over the summer, five partners left the firm, including Lisa Opoku who led the bank’s family office. Solomon regards this turnover as routine. Despite this, Goldman Sachs remains a prominent player in the Capital Markets industry, as highlighted by InvestingPro Tips.
Goldman Sachs has a history of maintaining dividend payments, having done so for 25 consecutive years. Its dividend yield as of 2023 stands at 3.5%, according to InvestingPro data. The bank’s commitment to dividends is underscored by the fact that it has raised its dividend for 11 consecutive years, another insight provided by InvestingPro Tips.
For more in-depth information and additional tips about Goldman Sachs, consider subscribing to InvestingPro. The platform offers real-time metrics and valuable tips, aiding investors in making informed decisions.
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