Goldman Sachs Group Inc. boosted David Solomon’s compensation 24% to $31 million for a year when earnings slumped at the Wall Street giant.

The board lifted the chief executive officer’s pay after profit tumbled 24% and the firm spent much of the year dousing internal rifts and pitching investors on a simplified strategy. After giving up on its retail-banking ambitions, New York-based Goldman has returned its focus to business lines embraced by Solomon’s predecessors.

The package for the 62-year-old banker includes a $2 million base salary and $29 million in variable compensation, with $20.3 million of that in the form of restricted stock units, according to a regulatory filing. His pay jump was greater than every other major US bank CEO whose compensation has been disclosed.

Unlike last year, the pay announcement was made after the conclusion of an annual gathering of the firm’s top-ranked executives in Florida.

Goldman’s shares advanced 12% in 2023, ranking it fourth among the six biggest US banks. The firm began the year by embarking on one of its biggest rounds of job cuts ever, eliminating about 3,200 jobs.

The bank was hurt last year by clogged-up capital markets that kept a lid on fees and magnified losses on real estate investments, as well as its failing consumer strategy. That resulted in Goldman posting just $8.52 billion in net income for the year, sharply off the pace of recent years.

Goldman’s compensation committee cited Solomon’s “decisive leadership in recognizing the need to clarify and simplify the firm’s forward strategy,” according to the filing. While that “negatively impacted short-term performance,” the actions “were critical to reorienting the firm with a much stronger platform for 2024 and beyond.”

Solomon’s pay for 2022 was down about 30% after an even bigger profit plunge that year.

While the bank still touts three divisions in its results, it has avoided spotlighting what it calls the “platform solutions” business and has been directing investors to focus on its investment bank and the money-management business. Those two groups accounted for about 95% of Goldman’s revenue last year.

Last month, JPMorgan Chase & Co. said it awarded longtime CEO Jamie Dimon $36 million for last year, up 4.3% from a year earlier. Morgan Stanley increased James Gorman’s pay 17% to $37 million for his final year as CEO.

This article was provided by Bloomberg News.