Goldman Sachs has cut chief executive David Solomon's pay by around 30% as the Wall Street investment bank has reined in costs after a tough year.

Solomon was paid $25m for 2022, according to a regulatory filing. This consists of a $2m salary and a bonus of $23m, $16.1m which is paid in deferred bank shares. This is a 30% reduction on a year earlier when Goldman hiked pay across the organisation after a bumper year for dealmaking and trading.