- Goldman Sachs CEO David Solomon’s 2025 compensation rose about 21% to roughly $47 million, with $2 million base pay and most of the rest in variable awards.
- JPMorgan CEO Jamie Dimon’s 2025 pay increased about 10% to $43 million, including a $1.5 million base salary and $41.5 million in incentives.
- Solomon’s bigger raise reflects Goldman’s strong dealmaking and markets results, leading M&A activity, and about a 53% shareholder return.
- Goldman also granted $80 million retention awards to Solomon and president John Waldron, vesting over five years and signaling leadership continuity and succession planning.
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Goldman Sachs’ decision to increase David Solomon’s compensation to ~$47 million reflects a clear alignment of pay with performance. With base salary steady at $2 million, the bulk of the increase came from variable compensation—cash, stock, and carried interest—underscoring that the board is strongly incentivizing outcomes tied to shareholder value and long-term strategic wins. The inclusion and growth of carried interest suggest Goldman is borrowing compensation practices more common in private equity, which could help in retaining top executives.
Jamie Dimon’s ~$43 million package, while sizable, demonstrates more modest growth relative to Solomon’s. JPMorgan’s pay bump follows record revenues and strong financial results, though net income dipped slightly compared to prior high benchmarks. The compensation structure—minimal base salary ($1.5 million) with large incentive components—is consistent with Dimon’s historical compensation.
Strategically, Goldman’s outperforming total shareholder returns (~53%) and its leadership in global M&A (e.g., $4.6B in deal fees, advising on ~$1.48T in deals in 2025) provide strong justification for Solomon’s pay increase. These results likely reinforce investor confidence and enable Goldman to compete on both corporate performance and executive compensation levels.
Retention matters here. The $80 million retention awards made in 2024 for Solomon and John Waldron, which vest in 2030, serve two important strategic functions: first, they lock in leadership continuity during a period of strong performance; second, they indicate succession planning at Goldman, with Waldron being viewed as Solomon’s likely successor.
Open questions remain: whether Goldman’s elevated pay packages—especially with carry-interest style incentives—will become standard in banking; how regulators and shareholders view large bonuses following heavy compensation in banking; and how this comp-intensive leadership model performs if market conditions weaken in upcoming years. Further, with both banks emphasizing performance-based leadership and solid returns, comparing future tech, regulatory, and geopolitical risks will be important in evaluating if such compensation levels are sustainable or justified long term.
Supporting Notes
- David Solomon’s total compensation for 2025 was ~$47 million, up ~20–21% from his 2024 pay of $39 million.
- His compensation breakdown: $2 million base, approximately $45 million variable (including bonuses, stock awards, and carried interest).
- Jamie Dimon’s pay rose ~10.3% to $43 million for 2025; base salary $1.5 million, with the remaining $41.5 million comprised of performance‐based incentives.
- Goldman achieved ~53.5% stock price return in 2025 and led global M&A with ~$1.48T in deal volume and $4.6B in fees.
- Goldman issued $80 million retention awards (restricted stock) in 2024 to both Solomon and President John Waldron, vesting in January 2030.
- JPMorgan’s net income for 2025 was ~$57 billion; shares rose ~34% amid “strong performances across its market-leading businesses.”
- The compensation committees of both banks cited financial performance, shareholder value creation, leadership development, and competitive talent pressures in determining executive pay hikes.