(Bloomberg) -- Goldman Sachs Group Inc. bumped President and Chief Operating Officer John Waldron’s pay package 28% to $30 million for his work in a year when earnings slumped at the Wall Street giant.

The pay package includes $1.85 million base salary and almost $28.2 million in variable compensation, with nearly $16.9 million of that in the form of performance stock units, according to a regulatory filing Friday. His pay jump was greater than the one granted to Chief Executive Officer David Solomon, who received a 24% bump to $31 million, the New York-based bank said last month. 

Goldman’s board boosted the chief operating officer’s pay even as profit tumbled 24% in 2023, a year when the firm was simplifying its strategy and putting internal rifts to rest. A year earlier, Waldron received a $23.5 million in total compensation.

Goldman’s shares advanced 12% in 2023, ranking it fourth among the six biggest US banks. The firm began the year by embarking on one of its biggest rounds of job cuts ever, eliminating about 3,200 jobs.

Read More: Goldman’s CEO Says He’s Optimistic About 2024 as Markets Rebound

But the bank was hurt by muted capital-markets activity that kept a lid on fees and magnified losses on real estate investments, as well as its failing consumer strategy. That resulted in Goldman posting just $8.52 billion in net income for the year, sharply off the pace of recent years.

Waldron “displayed a strong and active focus on the execution of our firm’s forward strategy, driving progress towards our narrowed focus and other strategic priorities with continued attention to further enhancing our expense discipline,” the bank said in its annual proxy statement. “He provided dedicated leadership of the firm’s businesses and operations while maintaining significant client engagement.”

Waldron’s 2023 bump comes a year after cuts for the firm’s two highest-paid leaders. Waldron’s pay for 2022 was down about 29%, while Solomon’s compensation dropped about 30% after an even bigger profit plunge that year.

©2024 Bloomberg L.P.