NEW YORK CITY, New York: A surge in dealmaking and trading that helped cap a standout year for Goldman Sachs also delivered a sizable pay rise for its chief executive, cementing his place among Wall Street's top earners.

The bank said that CEO David Solomon earned total compensation of US$47 million for 2025, up 20.5 percent from the previous year. The increase makes Solomon one of the highest-paid chief executives in U.S. finance.

His pay package surpassed that of JPMorgan Chase CEO Jamie Dimon, whose compensation rose by just over 10 percent to $43 million, as announced on January 22.

Solomon's 2025 compensation comprised a $2 million base salary and $45 million in annual variable pay. He earned $31 million in 2023 and $39 million in 2024.

Goldman ended 2025 on a strong note after reporting fourth-quarter results last week that beat Wall Street expectations, driven by a rebound in dealmaking activity and robust trading revenues.

The bank played a key advisory role in several marquee transactions during the year, including the $56.5 billion leveraged buyout of Electronic Arts and Alphabet's $32 billion acquisition of cloud security firm Wiz.

Goldman was also a lead underwriter in medical supply giant Medline's initial public offering in the fourth quarter, which ranked as the most extensive global listing of 2025.

Those deals helped Goldman reclaim the global top spot in mergers and acquisitions advisory. The bank processed $1.48 trillion in transactions in 2025 and generated $4.6 billion in related fees, according to company disclosures.

Looking ahead, Goldman expressed optimism about investment banking in 2026. A more accommodating regulatory environment under U.S. President Donald Trump, combined with lower interest rates and ample liquidity, has encouraged companies to pursue acquisitions, bolstering revenues for central investment banks.

In its filing, Goldman's board said it determined Solomon's compensation after assessing the bank's financial performance on both an absolute and relative basis, alongside the broader operating environment in 2025 and longer-term results.

Under Solomon's leadership, Goldman Sachs shares rose 53.5 percent in 2025, outperforming the broader market and most of its banking peers.

Solomon joined Goldman as a partner in 1999 after leaving Bear Stearns, eventually rising through the ranks to succeed Lloyd Blankfein, who steered the firm through the 2008 financial crisis. Now 64, Solomon has served as Goldman's CEO since 2018.

In a separate move highlighting succession planning, Goldman last month appointed President and Chief Operating Officer John Waldron to its board, shortly after awarding him a 2025 retention bonus. Waldron became the second member of the management committee, alongside Solomon, to gain a board seat.