In October, the bank stated that Solomon would deal with a pay cut, in addition to other magnates including its CFO Stephen Scherr and COO John Waldron due to findings from the examination that included the United States Department of Justice and other authorities.
Scherr’s pay was minimized to $15.5 million from $22.5 million in 2019. Waldron’s pay was slashed to $18.5 million, below $24.5 million in 2019. In overall, the 3 executives’ overall settlement for 2020 was minimized by $24 million in action to the bribery scandal fallout.
” While none of Messrs. Solomon, Waldron or Scherr was associated with or knowledgeable about the company’s involvement in any illegal activity at the time the company set up the 1MDB bond deals, the Board sees the 1MDB matter as an institutional failure, irregular with the high expectations it has for the company,” the filing mentioned.
CNN’s Eoin McSweeney added to this report.