Goldman Sachs Group’s top executives are set to receive special equity awards worth more than $500 million, Bloomberg News reported Wednesday.
The special awards were granted in October 2021, and Goldman disclosed details in various filings starting in late 2021 and early 2022, a source familiar with the matter told Reuters.
About 20 executives are in line for the awards, which are expected to be finalized later this month, Bloomberg said, citing people familiar with the matter.
The payout reflects a five-year period in which Goldman outperformed most rivals, the report added.
CEO David Solomon is set to receive more than $100 million.
President John Waldron, Solomon’s likely successor, and business heads Ashok Varadhan, Dan Dees and Marc Nachmann are also among the recipients.
Such performance-based awards are commonly used by companies to align executive compensation with long-term performance and retain senior talent.
Goldman is expected to report its third-quarter earnings next week.