New York (CNN Business)Corporate boards are slashing the pay of some leading CEOs in a new trend that could just be getting started. The pay cuts are hitting some of America’s best-known and highest-paid bosses, including Apple CEO Tim Cook , Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon . The moves follow a dreadful year in the stock market — 2022 was the S&P 500’s worst year since 2008 — and come as a growing number of corporations lay off rank-and-file workers to brace for a potential recession. Exclusive: Goldman Sachs says even a near-default on US debt could spark a recession and market mayhem For example, Goldman Sachs laid off 3,200 employees earlier this month amid a downturn in Wall Street dealmaking. The bank then disclosed on Friday that Solomon’s 2022 pay is being cut by nearly 30% . Goldman Sachs’ profit dropped 49% last year as the slowdown in dealmaking curbed advisory fees. "This is a show of solidarity. CEOs need to share the pain," said Nell Minow, vice chair of ValueEdge Advisors, which advises institutional investors on corporate governance matters. After Alphabet announced 12,000 job cuts this month, Pichai told employees that […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
