In October, the financial institution mentioned that Solomon would face a pay reduce, together with different prime executives together with its CFO Stephen Scherr and COO John Waldron in mild of findings from the investigation that concerned the US Division of Justice and different authorities.
Scherr’s pay was decreased to $15.5 million from $22.5 million in 2019. Waldron’s pay was slashed to $18.5 million, down from $24.5 million in 2019. In complete, the three executives’ complete compensation for 2020 was decreased by $24 million in response to the bribery scandal fallout.
“Whereas none of Messrs. Solomon, Waldron or Scherr was concerned in or conscious of the agency’s participation in any illicit exercise on the time the agency organized the 1MDB bond transactions, the Board views the 1MDB matter as an institutional failure, inconsistent with the excessive expectations it has for the agency,” the submitting said.
CNN’s Eoin McSweeney contributed to this report.