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Top Goldman executives face pay cuts over Malaysia scandal

Investment bank eyes clawbacks of 2018 remuneration for current and former CEOs

David Solomon, CEO of Goldman Sachs, may see his $23 million pay for 2018 reduced.
David Solomon, CEO of Goldman Sachs, may see his $23 million pay for 2018 reduced.   © Reuters

NEW YORK -- Goldman Sachs Group could reduce executive compensation for 2018 over the roles of former bankers there in the corruption scandal that engulfed a Malaysian state fund.

Goldman said in a Friday securities filing that its board approved a forfeiture provision allowing the reduction of equity-based rewards granted to senior executives as of Dec. 31 if an investigation into the 1Malaysia Development Berhad fund, or 1MDB, results in massive fines or penalties that affect company earnings. 

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