In October, the bank said Solomon would face a pay cut, along with other top officials including its CFO Stephen Shere and COO John Waldron, in light of findings from investigations by the US Department of Justice and other authorities.
In 2019, Scherr’s salary was reduced from $ 22.5 million to $ 15.5 million. Waldron’s salary was reduced to $ 18.5 million in 2019. In total, the three officers’ total compensation for 2020 was reduced to $ 24 million in response to the bribery scandal. Conflict.
“While nothing of Messrs. Solomon, Waldron or Shere was involved in or about the firm’s involvement in any illegal activity at the time of arranging the 1MDB bond transaction, the Board considers the 1MDB case to be an institutional failure, These are expectations for a firm inconsistent with high, ”the filing said.
Eoin McSweeney of CNN contributed to this report.