By the time Goldman published its numbers, Covid-19 infections had taken hold in the U.S., sending markets into a tailspin and leaving millions of people out of work.

The announcement of Solomon’s 20% pay hike struck a discordant note, putting Goldman on the defensive heading into one of Wall Street’s most lucrative eras, as investors and companies reacted to the pandemic. Over the past four quarters, Goldman has generated more than $58 billion in revenue and posted more than $22 billion in net income — more than it’s ever earned by either measure in any year.

In the wake of that performance, Goldman has been preparing to reach out to major shareholders or their advisers, underscoring that Solomon’s award for 2020 was $27.5 million — and not the $17.5 million he got after adjusting for the Malaysian scandal punishment. The idea is to give the board as much elbow room as possible to grant him more, without making it look like an outsized raise.

By mid-October, Goldman’s stock was up more than 80% under Solomon’s watch when the board granted him and Chief Operating Officer Waldron an off-cycle bonus. That could be worth more than $75 million if the share price meets certain targets.

While the amount itself is modest compared with corporate America’s recent spree of swing-for-the-fences incentive plans, the board’s reasoning for the perk — mentioning a “war for talent” — raised eyebrows within the firm. What danger was the board sensing with the duo just three years into Solomon’s term? It was all the more noticeable following the decision to dock their pay just months earlier over the Malaysian scandal.

Behind the scenes, the bank’s leadership team had been seeking a bigger incentive plan for a while. The effort gained traction as Goldman’s trading and dealmaking business lines — areas where it dominates — boomed.

John Rogers, a powerful figure inside Goldman, has played a role in diluting the management team’s asks, the people said. Officially known as the company’s chief of staff, he’s a board whisperer with close ties to directors. He joined Goldman after a series of prominent government posts, including working in Ronald Reagan’s White House. Rogers is now one of a handful of Goldman management committee members who already were on the ascent at the firm before its IPO.

The 65-year-old sees himself as a guardian of its culture, keeping tendencies toward excess in check. In internal meetings over the years, he’s referenced a work by 16th century painter Pieter Bruegel the Elder, “Landscape With the Fall of Icarus,” to highlight lessons in humility.

In Greek mythology, Icarus ignored his father’s warning, flew too close to the sun and fell into the sea.

--With assistance from Gillian Tan, Tom Maloney, David Gillen and Pierre Paulden.