Knife in rewarding Goldman Sachs CEO for fraud scandal | Financial issues

Goldman Sachs previously concluded large deals for the 1MDB Malaysian State Fund. Former Prime Minister Najib Razak was found guilty of diverting large sums from this fund. The Malaysian government established 1MDB in 2009 as an investment fund for economic development. The US Department of Justice estimates billions of dollars have disappeared from the fund.

settlement

Goldman Sachs itself reached a $ 2.9 billion settlement with US prosecutors in October to secure a profitable 1MDB business through bribery. In total, the bank has spent more than $ 5 billion dealing with civil and criminal investigations.

The case prompted the bank to impose a “fine” of $ 10 million on Suleiman. Separately, the bank kept Soliman’s wages unchanged from the previous year.

Goldman closed last year with a 22 per cent higher profit, while the bank also received the highest fine ever in the United States in a foreign bribery case. Although Salomon was never found guilty, the bank deemed fit to withhold a total of $ 31 million in compensation from the bank’s top executives.

Morgan Stanley had previously announced an increase in CEO James Gorman’s wages by 22 percent to $ 33 million. This makes him the president of the highest paid bank in the United States. He’s surpassed Jimmy Dimon of JP Morgan Chase. This bank kept the CEO’s annual salary unchanged at $ 31.5 million.