Solomon will receive US$17.5 million for his work during the year, compared with US$27.5 million the year before, the bank said.

Goldman previously announced it would reduce Solomon’s pay, along with that of chief financial officer Stephen Scherr and chief operating officer John Waldron, in light of the findings of investigations into the bank’s role in the affair.

The scandal dates to the government of former prime minister Najib Razak, which set up 1MDB in 2009.

Between 2009 and 2014, Goldman bankers paid more than US$1.6 billion in bribes to foreign officials in Malaysia and Abu Dhabi to win 1MDB business, including underwriting US$6.5 billion in bond sales, for which it earned US$600 million in fees, the bank has said.

Waldron will receive US$18.5 million for his work last year, down 24%, or US$6 million, from 2019.

Scherr will be paid US$15.5 million, down 31%, or US$7 million, from the previous year.

Were it not for the 1MDB scandal, Solomon and Scherr’s pay would have been unchanged from the previous year, the bank said, and Waldron’s pay would have risen by US$1 million.

Rival Morgan Stanley’s chief executive James Gorman saw his annual pay rise by US$6 million, or 22%, last year, according to a regulatory filing released last Friday.

Goldman said in October it is clawing back US$174 million from a dozen current and former executives, including Solomon and his predecessor, Lloyd Blankfein.

The bank agreed to pay US$2.9 billion to settle probes into its role in the 1MDB scandal.