Goldman Boosts Solomon Pay 24% After Firm Profit Slumps 24% (1)

Goldman Sachs Group Inc. boosted David Solomon’s compensation 24% to $31 million for a year when earnings slumped at the Wall Street giant.

The board lifted the chief executive officer’s pay after profit tumbled 24% and the firm spent much of the year dousing internal rifts and pitching investors on a simplified strategy. After giving up on its retail-banking ambitions, New York-based Goldman has returned its focus to business lines embraced by Solomon’s predecessors.

David Solomon

Photographer: Nick Oxford/Bloomberg

The package for the 62-year-old banker includes a $2 million base salary and $29 million in variable compensation, with $20.3 million of that in ...