The Goldman Sachs Group Inc.’s chief legal officer and general counsel, Kathryn Ruemmler, saw a significant increase in her pay last year. Her total annual compensation for 2023 rose 33% from the previous year, going up to $16 million according to a March 15 proxy filing by Goldman. This sum includes $8.7 million in performance-based restricted stock units, $5.8 million in cash, and a $1.5 million annual base salary.
Ruemmler’s raise came as Goldman experienced a downturn in profits last year. The financial giant’s attempted foray into consumer banking failed, leading to significant job losses as capital market activities halted. Despite these setbacks, key executives at Goldman Sachs, including David Solomon and John Waldron, received pay hikes in recognition of their leadership.
Ruemmler, as the sole female among the five highest-paid executives at Goldman, has a vital role in the corporation’s management. Her responsibilities are numerous and range from resolving internal disputes to simplifying organizational strategies.
Goldman Sachs recognizes Ruemmler as an invaluable advisor to the company’s leadership on several legal, reputational, and regulatory matters. She played a critical role in bringing long-standing litigation matters to a successful resolution last year. Most notably, Goldman agreed to a $215 million gender bias settlement, a potential milestone in redefining pay protocols on Wall Street.
Over in Goldman Sachs’s legal group, Ruemmler remains active in recruiting top talent and overseeing new appointments. One significant recruit last year was former Latham litigation partner Michael Bosworth, who assumed leadership of some functions previously held by Darrell Cafasso, Goldman’s former global head of litigation and regulatory proceedings.
The computation of the annual variable compensation at Goldman Sachs is unique. The corporation calculates the totals after the year-end. These totals are not included in the US Securities and Exchange Commission rules that mandate the inclusion of a summary compensation table, creating some discrepancy in records. Nevertheless, Ruemmler’s contribution to Goldman Sachs’s legal matters is indisputable, and her increased pay mirrors that value.