After a difficult year of financial performance, Goldman Sachs has decided to cut its CEO David Solomon’s pay by 30%.

The financial services firm announced that Solomon’s pay for 2022 will be reduced to $25 million, down from the $35 million he made in 2021. This pay cut follows Goldman Sachs’s poor performance in 2020, which resulted in a net income of $2.5 billion, down from the $8.3 billion it made in 2019.

The pay cut is part of a larger effort by the company to improve its financial performance. Goldman Sachs is also looking to reduce its operating expenses and increase its revenue.

In a statement, Solomon said, “We are taking decisive action to improve our performance and position the firm for long-term success.” He added, “This pay cut reflects the importance of accountability and aligning our interests with those of our shareholders.”

The pay cut comes as Goldman Sachs is facing increased scrutiny from regulators and investors. The company has been accused of mismanaging its risk and failing to properly oversee its operations.

The pay cut is likely to be seen as a sign that Goldman Sachs is serious about taking steps to improve its performance. It remains to be seen if the move will be enough to restore investor confidence in the company.