David Solomon

In July, Goldman reported a collapse in profits, the result of a misbegotten foray into consumer banking that the firm is unwinding

Top managers have been asked to identify potential cost-reduction targets, and no final job-cut number has been determined

Excluding that penalty, the board effectively kept Solomon's pay flat for the year

The pay boost comes just as Goldman is embarking on a $1.3 billion cost-cutting plan that includes removing some managers and shifting employees to less expensive locales

Goldman Sachs isn't alone. No woman has ever run a major Wall Street bank

Solomon rose through Goldman's financing operation and eventually ran the firm's top-ranked investment-banking arm for a decade