A year of exceptional financial performance, built on dealmaking that exceeded expectations.
At the summit of American finance, compensation becomes a kind of ledger — not merely of personal reward, but of institutional momentum. Goldman Sachs CEO David Solomon's $47 million pay package for 2025 reflects a year in which the bank reasserted its dominance over the deal-making landscape, advising on nearly $1.5 trillion in transactions and leading the year's largest global IPO. That his earnings now exceed those of JPMorgan's Jamie Dimon is less a story about one man's fortune than a marker of where Wall Street's center of gravity currently rests — and where it may be heading.
- Solomon's 20.5% raise to $47 million places him above every other Wall Street CEO, a signal that Goldman's board believes the bank's resurgence is no accident.
- The numbers behind the number are striking: $4.6 billion in advisory fees, a 53.5% stock gain, and marquee deals including a $56.5 billion EA buyout and Alphabet's $32 billion Wiz acquisition.
- Goldman's succession landscape is quietly shifting — COO John Waldron's board appointment and retention bonus suggest the bank is preparing for a leadership transition without announcing one.
- A friendlier regulatory climate under the Trump administration, falling interest rates, and abundant liquidity are converging to keep the dealmaking engine running into 2026.
- For a CEO who was once rejected by his own firm straight out of college, Solomon's trajectory from Bear Stearns hire to Wall Street's highest earner carries the weight of a long, deliberate climb.
David Solomon closed 2025 with a $47 million compensation package — a 20.5% increase over the prior year and enough to place him at the top of Wall Street's pay rankings, ahead of JPMorgan's Jamie Dimon at $43 million. The Goldman Sachs board tied the raise directly to a year of exceptional performance, with only $2 million arriving as base salary and the remaining $45 million structured as variable pay linked to results. The trajectory is notable: Solomon earned $31 million in 2023 and $39 million in 2024, a climb that tracks Goldman's own recovery as a dealmaking force.
The deals that justified the raise were consequential. Goldman advised on Electronic Arts' $56.5 billion leveraged buyout, Alphabet's $32 billion acquisition of cybersecurity firm Wiz, and led underwriting for Medline's IPO — the largest globally in 2025. Altogether, the bank advised on $1.48 trillion in deal volume, collecting $4.6 billion in fees and reclaiming the top spot in global M&A advisory. Goldman's stock rose 53.5% over the year, outpacing both the broader market and most banking peers.
Solomon's story carries an unlikely footnote: Goldman rejected him for a job right out of college. He joined Bear Stearns instead, eventually came to Goldman as a partner in 1999, and succeeded Lloyd Blankfein as CEO in 2018. The compensation decision also quietly illuminates the bank's future — COO John Waldron received a retention bonus and was named to the board, positioning him as a credible successor without any formal announcement.
Looking into 2026, Goldman's leadership sees favorable conditions holding. The regulatory posture under the Trump administration has grown more accommodating, interest rates have eased, and liquidity remains strong — a combination that has already prompted companies to accelerate deal activity. For a bank that built its 2025 success on large, complex transactions, the runway ahead looks familiar.
David Solomon's paycheck for 2025 landed at $47 million, a jump of just over one-fifth from the year before. The Goldman Sachs chief executive now sits atop Wall Street's compensation hierarchy, his package outpacing Jamie Dimon's $43 million at JPMorgan Chase by a meaningful margin. The board justified the raise by pointing to a year of exceptional financial performance, one built on the back of dealmaking and trading that exceeded expectations.
Solomon's total breaks down simply: $2 million in base salary, with the remaining $45 million arriving as variable compensation tied to the bank's results. This represents a steady climb from $31 million in 2023 and $39 million in 2024—a trajectory that mirrors Goldman's own resurgence in the investment banking world. The bank capped 2025 with fourth-quarter earnings that beat Wall Street forecasts, driven by a surge in both M&A advisory and trading activity.
The deals that powered this performance were substantial. Goldman advised on Electronic Arts' $56.5 billion leveraged buyout and Alphabet's $32 billion acquisition of cloud security firm Wiz. The bank also led the underwriting for Medline's initial public offering in the fourth quarter, which became the largest IPO globally in 2025. These transactions, among others, helped Goldman secure the top ranking for global M&A advisory, with the firm advising on $1.48 trillion in total deal volume and collecting $4.6 billion in fees.
Solomon's rise to the top of Goldman Sachs carries an ironic footnote. At the start of his career, the bank rejected him for a position right after college. He eventually joined as a partner in 1999 after working at Bear Stearns, then climbed through the ranks to succeed Lloyd Blankfein in 2018. Under his leadership, Goldman's stock gained 53.5% in 2025, outpacing both the broader market and most of its banking competitors.
The compensation decision also signals something about succession planning. The board recently named John Waldron, the bank's president and chief operating officer, to its board after awarding him a 2025 retention bonus. Waldron is now the second member of Goldman's management committee to hold a board seat, a positioning that underscores his standing as a potential heir to Solomon.
Looking ahead, Goldman's leadership expressed optimism about investment banking prospects in 2026. The regulatory environment has shifted under the Trump administration toward a more accommodating stance. Interest rates have declined, and liquidity remains ample—conditions that have already encouraged companies to accelerate dealmaking. For a bank that built its 2025 success on the back of major transactions, these tailwinds suggest the momentum may well continue.
Notable Quotes
Goldman expressed optimism for investment banking in 2026, citing a more accommodating regulatory stance, lower interest rates, and ample liquidity.— Goldman Sachs board and leadership
The Hearth Conversation Another angle on the story
Why does a CEO's pay package matter to anyone outside the bank itself?
Because it's a signal. When Solomon's compensation jumps 20% in a single year, it tells you something about where money is flowing on Wall Street and what the bank values. It also reflects the broader economy—dealmaking surged in 2025, which means companies were confident enough to buy, merge, and go public.
But $47 million seems almost abstract. What does that actually represent?
It represents the fees Goldman collected from advising on $1.48 trillion in deals. Solomon's raise is the bank's way of saying: this year worked. The deals were real—EA's buyout, Alphabet's acquisition, Medline's IPO. Those transactions generated billions in fees, and Solomon's compensation is a direct reflection of that.
Is there something unusual about him beating Dimon's pay?
It's notable. JPMorgan is larger and more diversified, but Goldman's investment banking business had an exceptional year. Dimon got a 10% raise; Solomon got 20%. That gap tells you Goldman's dealmaking machine outperformed JPMorgan's in 2025.
What about the succession angle with Waldron?
The board is being deliberate. By putting Waldron on the board and giving him a retention bonus, they're signaling he's the heir apparent. Solomon is 64. They're building a bridge to the next era.
Does the Trump administration's regulatory shift actually matter for 2026?
It already has. Companies are more willing to do deals when they believe the regulatory environment won't block them. Lower interest rates and available capital help too. Goldman is betting these conditions persist, which is why they're optimistic about next year.
So this is really a story about momentum?
Exactly. Goldman had a dominant year in M&A, Solomon's compensation reflects that dominance, and the bank believes the conditions that created that dominance will continue. The question is whether they're right.