NEW YORK: Goldman Sachs Group Inc. slashed compensation for its Chief Executive Officer David Solomon by 29% to $25 million for 2022, the bank said in a filing Friday.

Solomon’s pay comprises a $2 million base salary, $6.9 million cash bonus and $16.1 million in restricted stock. He was paid $35 million for 2021.

The bank’s compensation committee cited the “challenging operating environment” as a factor in deciding Solomon’s pay, according to the filing. It also noted his “strong individual performance and effective leadership.” The cut was the largest so far among the CEOs of the biggest US banks, whose firms suffered from a dealmaking drought after a blockbuster 2021.

Morgan Stanley CEO James Gorman’s compensation was reduced 10% to $31.5 million for 2022.