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    Cramer’s week ahead: Fed decision on Wednesday could let the bulls ‘party on’

    Monday – Friday, 6:00 – 7:00 PM ET

    CNBC’s Jim Cramer said that Wall Street’s recent gains could continue next week depending on the Federal Reserve’s actions.
    He also reviewed next week’s slate of earnings, including Meta, Apple, Amazon, Alphabet, Ford and more.

    CNBC’s Jim Cramer on Friday said that Wall Street’s recent gains could continue next week depending on the Federal Reserve’s actions.
    “A decision not to raise rates at all might show too much weakness. A quarter-point with a statement that they’ll remain vigilant will allow the bulls to party on,” he said.

    The central bank is set to conclude its first meeting of the year on Wednesday, which Wall Street largely expected to beget a quarter-percentage point interest rate hike. 
    Cramer said he’ll also have his eye on the January nonfarm payrolls report set to be released Friday. “If wage inflation’s very strong, the quarter-point move will be criticized. If it’s weaker, we’ll be hearing all about that hard landing,” he said.
    All estimates for earnings, revenue and economic data are courtesy of FactSet.
    Monday: Whirlpool

    Q4 2022 earnings release at 4:05 p.m. ET; conference call on Tuesday at 8 a.m. ET
    Projected EPS: $3.23
    Projected revenue: $5.08 billion

    He predicted that the company will report abating supply chain headwinds and a more frugal consumer on its conference call.

    Tuesday: Caterpillar, Pfizer, Advanced Micro Devices
    Caterpillar

    Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: $4.02
    Projected revenue; $15.82 billion

    He said the company will likely report a solid quarter.
    Pfizer

    Q4 2022 earnings release at 6:45 a.m. ET; conference call at 10 a.m. ET
    Projected EPS: $1.05
    Projected revenue: $24.44 billion

    There’s more to the company than unsustainable earnings from its Covid vaccine, despite what Wall Street believes, Cramer said.
    Advanced Micro Devices

    Q4 2022 earnings release at 4:15 p.m. ET; conference call at 5 p.m. ET
    Projected EPS: 67 cents
    Projected revenue: $5.51 billion

    “AMD’s got a great portfolio now, and they keep taking market share,” he said.
    Wednesday: Meta Platforms

    Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    Projected EPS: $2.26
    Projected revenue: $31.54 billion

    “All I know is the stock’s had a real run, and while we own it for the Charitable Trust, we’re not pounding the table on this one. Not here,” Cramer said.
    Thursday: Ford Motor, Apple, Amazon, Alphabet
    Ford

    Q4 2022 earnings release at 4:05 p.m. ET; conference call at 5 p.m. ET
    Projected EPS: 62 cents
    Projected revenue: $41.39 billion

    He said he isn’t worried that price cuts from Tesla will affect demand for Ford’s electric vehicles.
    Apple

    Q1 21023 earnings release at 4:30 p.m. ET; conference call at 5 p.m. ET
    Projected EPS: $1.94
    Projected revenue: $121.81 billion

    Investors should hold onto their shares of the iPhone maker, according to Cramer.
    Amazon

    Q4 2022 earnings release at 4:01 p.m. ET; conference call at 5:30 p.m. ET
    Projected EPS: 17 cents
    Projected revenue: $145.64 billion

    Amazon stock will soar if the company lays off 100,000 employees, he predicted.
    Alphabet

    Q4 2022 earnings release at 4 p.m. ET; conference call at 4:30 p.m. ET
    Projected EPS: $1.18
    Projected revenue: $76.17 billion

    Cramer said that Alphabet also needs to downsize its workforce.
    Friday: Regeneron Pharmaceuticals

    Q4 2022 earnings release at 6:30 a.m. ET; conference call at 8:30 a.m. ET
    Projected EPS: $10.1
    Projected revenue: $3.14 billion

    He said he likes the stock.
    Disclaimer; Cramer’s Charitable Trust owns shares of Apple, Amazon, Advanced Micro Devices, Caterpillar, Ford and Meta.

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    Cramer’s lightning round: L3Harris Technologies is still a buy

    Monday – Friday, 6:00 – 7:00 PM ET

    It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

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    Dutch Bros Inc: “You’ve got to wait [to buy], because we still see wage pressure.”

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    Farfetch Ltd: “I don’t know FTCH. … I want to know about FTCH.”

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    Box Inc: “I say, move on. … I’m not kidding, I’d rather be in Nvidia.”

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    Sea Ltd: “I want to call that one too complex for me.”

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    Origin Materials Inc: “We’ve got to do some work on it, but I like it. I like it. I like what they’re up to.”

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    Bausch Health Companies Inc: “We’ve got that on what I would regard as being a retainer basis. We simply don’t know what to do. They don’t return our call.”
    Disclaimer: Cramer’s Charitable Trust owns shares of Bausch Health Companies and Nvidia.

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    CDC urges people with weak immune systems to take extra precautions after Covid subvariants knock out Evusheld

    The CDC urged people with weak immune systems to wear masks and practice social distancing after Covid subvariants knocked out Evusheld.
    Evusheld was a key antibody treatment taken by immunocompromised people as an added layer of protection.
    The CDC said it’s important to test and get treated with an antiviral if you do contract Covid.

    Children are seen outside a coronavirus disease (COVID-19) testing site in Brooklyn, New York, January 12, 2022.
    Brendan McDermid | Reuters

    The Centers for Disease Control and Prevention on Friday urged people with weak immune systems to take extra precautions to avoid Covid after the dominant omicron subvariants knocked out a key antibody treatment.
    These precautions include wearing a high quality mask and social distancing when it’s not possible to avoid crowded indoor spaces, according to the CDC.

    The guidance comes after the Food and Drug Administration on Thursday pulled its authorization of Evusheld, a combination antibody injection that people with weak immune systems took as an additional layer of protection to prevent Covid infection.
    The FDA pulled Evusheld because it is not effective against 95% of the omicron subvariants circulating in the U.S. This includes the XBB subvariants which are now causing 64% of new cases, as well as the BQ family that is responsible for 31% of reported infections.
    Although most Americans have largely returned to normal life as the Covid pandemic has ebbed, people with weak immune systems remain at higher risk of severe disease because they do not mount as strong of an immune response to the vaccines.
    Still, it is important for people with weak immune systems to stay up to date on their Covid vaccines by receiving the omicron booster because the shots can slash the risk of severe disease, according to the CDC.
    If you have a weak immune system and develop Covid symptoms, you should get tested as soon as possible and receive treatment with an antiviral within five to seven days, according to CDC.

    Available antivirals include Paxlovid, remdesivir or molnupiravir, but patients should talk to their doctor to find out which treatment is best. Some people cannot take Paxlovid due to how it interacts with other drugs they are taking.
    People with weak immune systems include cancer patients who are on chemotherapy, organ transplant patients who are taking medication for their transplant, people with advanced HIV infection, and those born with immune deficiencies.
    Some 7 million adults in the U.S. have a condition, like cancer, that compromises their immune system, according to the CDC.

    CNBC Health & Science

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    FDA proposal would allow gay men in monogamous relationships to donate blood

    The FDA on Friday proposed new guidelines that would ease restrictions on gay and bisexual men donating blood.
    The FDA said the policy would shift to an individual assessment that evaluates risk regardless of gender or sexual orientation.
    The American Medical Association and LGBTQ rights organizations have criticized the blood donor restrictions as discriminatory.

    A nurse fills test tubes with blood to be tested during an American Red Cross bloodmobile in Fullerton, CA on Thursday, January 20, 2022.
    Paul Bersebach | Medianews Group | Getty Images

    The Food and Drug Administration on Friday proposed new guidelines that would no longer require gay and bisexual men in monogamous relationships to abstain from sex before donating blood.
    The FDA had imposed a lifetime ban on men who have sex with men donating blood during the AIDS crisis in the 1980s. The agency had eased the ban in 2015, allowing gay and bisexual men to donate blood if they had not had sex in the previous year.

    In response to a blood donor shortage during the Covid pandemic, the FDA further eased restrictions in April 2020 to allow gay and bisexual men who had not had sex in the past three months to donate.
    Under the guidelines proposed on Friday, gay and bisexual men who are in monogamous relationships would be allowed to donate blood. But individuals, regardless of gender or sexual orientation, who have recently had anal sex with a new or multiple partners would have to wait three months before donating.

    CNBC Health & Science

    Read CNBC’s latest global health coverage:

    “Maintaining a safe and adequate supply of blood and blood products in the U.S. is paramount for the FDA, and this proposal for an individual risk assessment, regardless of gender or sexual orientation, will enable us to continue using the best science to do so,” said FDA Commissioner Dr. Robert Califf on Friday. The Washington Post reported the news earlier.
    The American Medical Association had criticized the FDA’s restrictions on gay men donating as discriminatory.
    “At issue is the need to evaluate all potential blood donors on an equal basis based on their individual risk factors and without regard to their sexual orientation or gender identity,” said Dr. Gerald Harmon with the AMA in January of 2022.

    The Human Rights Campaign, the nation’s largest organization that advocates for LGBTQ rights, said the FDA proposal is a step in the right direction, but more needs to be done to to remove restrictions.
    “We urge the Biden administration to prioritize removing remaining barriers and ask the FDA to move expeditiously while ensuring the safety of the blood supply and a blood donation policy in-line with the science,” said HRC President Kelley Robinson in a statement.
    People who are taking oral medications to prevent HIV infection would not be allowed to donate blood for the three months following their most recent dose. Those taking injections to prevent HIV would not be allowed to donate blood for two years following their most recent injection.
    These medications, called pre-exposure prophylaxis, or PrEP, can result in false negatives on HIV tests, according to the FDA.
    Under the proposed FDA policy, anyone who has tested positive for HIV or taken medicine to treat an HIV infection would be banned from donating blood. People who have engaged in sex work or used illicit intravenous drugs recently would have to wait three months to donate.
    Blood banks would still be required to test all donations for HIV as well hepatitis C and B, according to FDA.
    Dr. Peter Marks, a senior FDA official, said the agency is evaluating the science to increase the number of people who are eligible to donate blood while maintaining safeguards that ensure the supply is safe for recipients.
    “We will continue to follow the best available scientific evidence to maintain an adequate supply of blood and minimize the risk of transmitting infectious diseases and are committed to finalizing this draft guidance as quickly as possible,” Marks said on Friday.  

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    The Fair Tax Act, explained: What to know about the Republican plan for a national sales tax, decentralized IRS

    Smart Tax Planning

    A group of House Republicans is supporting the Fair Tax Act, which would eliminate income, payroll, estate and gift taxes, to be replaced with a 23% national sales tax.
    The plan would also decentralize the IRS by slashing funding by fiscal year 2027, relying on states to administer the levy.
    Policy experts say the plan would make the tax system more regressive, meaning the burden decreases as income gets higher.

    John Miller | iStock | Getty Images

    A group of House Republicans is revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS.
    While the plan may not get a floor vote and wouldn’t make it through the Democrat-controlled Senate, policy experts say the plan would make the tax system more regressive, meaning the burden decreases as income gets higher.

    Introduced in early January, the proposal would eliminate income, payroll, estate and gift taxes, to be replaced with a 23% national sales tax. The proposal also aims to decentralize the IRS by slashing the agency’s funding, relying on individual states to administer the levy.

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    While the plan was first introduced in 1999, it’s never been given a floor vote, and has only been supported by a small group of Republicans, said Erica York, senior economist and research manager at the Tax Foundation.
    “It’s not a mainstream or popular tax reform idea,” York said, noting the administrative side “doesn’t make a lot of sense” because it would involve 51 state agencies rather than a single IRS.

    It’s not a mainstream or popular tax reform idea.

    Erica York
    Senior economist and research manager at the Tax Foundation

    The reintroduction of the Fair Tax Act comes amid increased scrutiny of the $79.6 billion in IRS funding, enacted through the Inflation Reduction Act in August. The money has been earmarked for priorities such as enforcement, taxpayer service, technology upgrades and more.
    After months of critique, House Republicans in January voted to rescind the funding. But the plan was largely seen as political messaging since neither Senate Democrats nor the White House supported the measure.

    A ‘pretty significant’ tax hike for the middle class

    While the Fair Tax Act isn’t likely to gain traction in Congress, experts say the plan would be a significant change for middle-income earners and the wealthiest Americans.
    If it were enacted, middle-income earners would see a “pretty significant tax increase” and the wealthiest Americans would see the biggest cuts, according to John Buhl, senior communications manager at the Tax Policy Center.  

    He said the plan would make the tax system more regressive, despite the built-in monthly rebates for families below a certain income level, especially since the 23% rate is “tax-inclusive” and will actually cost consumers about 30%.
    What’s more, both experts say the sales tax wouldn’t be enough to make the plan “revenue neutral,” which may be an issue as Republicans fight for tightened spending amid the debt ceiling battle. More

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    Why desalination won’t save states dependent on Colorado River water

    States dependent on the drought-stricken Colorado River are increasingly looking toward desalination as a way to fix the river’s deficit and boost water supplies across the western U.S.
    The search for alternative ways to source water comes as federal officials continue to impose mandatory water cuts for states that draw from the Colorado River.
    Desalination plants are costly to operate, require enormous amounts of energy and are difficult to manage in an environmentally-friendly way, according to water policy experts.

    The Colorado River wraps around Horseshoe Bend in the in Glen Canyon National Recreation Area in Page, Arizona.
    Rhona Wise | Afp | Getty Images

    States dependent on the drought-stricken Colorado River are increasingly looking toward desalination as a way to fix the river’s deficit and boost water supplies across the western U.S.
    The search for alternative ways to source water comes as federal officials continue to impose mandatory water cuts for states that draw from the Colorado River, which supplies water and power for more than 40 million people.

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    Desalination (or desalinization) is a complicated process that involves filtering out salt and bacteria content from ocean water to produce safe drinking water to the tap. While there are more than a dozen desalination plants in the U.S., mostly in California, existing plants don’t have the capacity to replace the amount of water the Colorado River is losing.
    “Ocean water desalination has tremendous allure,” said Robert Glennon, a professor emeritus of law and water policy scholar at the University of Arizona. “The thought is that if we can just get the salt out of the water, everything can be fixed. But it’s a kind of siren song that will turn bad.”
    Desalination plants are costly to operate, require enormous amounts of energy and are difficult to manage in an environmentally friendly way, according to water policy experts.
    The debate over whether desalination could be a solution for the drying Colorado River comes as a historic megadrought grips the western U.S., generating the driest two decades in the region in at least 1,200 years. Water levels in the country’s two largest reservoirs, Lake Mead and Lake Powell, have hit their lowest levels on record.

    Pipes containing drinking water are shown at the Poseidon Water desalination plant in Carlsbad, California, U.S., June 22, 2021. Picture taken June 22, 2021.
    Mike Blake | Reuters

    The Biden administration has urged seven states in the Colorado River Basin to save between 2 million and 4 million acre feet of water, or up to a third of the river’s average flow. But water managers say that savings will need to be much more drastic as drought conditions worsen in the basin.

    Kathryn Sorensen, who directs research at the Kyl Center for Water Policy at Arizona State University, said that while there’s been some major progress on water conservation across the West, the Colorado River is severely overallocated and the low reservoir levels are “extremely problematic.”
    “We have been taking more water from the river than Mother Nature can really provide,” Sorensen said. “The river is a super important resource for all of us.”

    The cost of water is high

    Since desalination is a drought-resistant process, some have argued that states with such facilities could make themselves less dependent on water from the Colorado River. But the cost of desalination is high compared to the cost of imported river water and the process requires a great deal of energy to separate salts and other dissolved solids from water.
    Large-scale plants require “tens of megawatts” to operate, according to the Energy Department, and energy consumption is the largest component of the operational expenditures of desalination, comprising about 36% of the total operational expenditures.
    For example, the Carlsbad desalination plant in San Diego, California requires about 35 megawatts of electricity to operate. (By comparison, 1 megawatt is enough energy to operate a small town and 1,000 megawatts is enough to power a midsize city). The plant produces an average daily flow of 50 million gallons, only about 10% of the total drinking water needed by San Diego.
    The cost of desalinated water at Carlsbad is estimated at $2,725 an acre-foot, according to a recent analysis by environmental economist Michael Hanemann of Arizona State University. That’s significantly more than the amount the San Diego County Water Authority pays for water sourced from the Colorado River and the Sacramento San Joaquin River Delta. Last year, the Water Authority proposed increasing its rate to $1,579 per acre-foot for untreated water in 2023.
    “Desalination technology has improved greatly and it’s now remotely plausible to do,” said Jay Lund, co-director of the Watershed Sciences Center at the University of California, Davis. “But it’s only plausible if you’re willing to pay a lot of money.”

    More from CNBC Climate:

    Water policy experts have also long debated the possibility of taking water from the Sea of Cortez in Mexico, the nearest sea to Arizona. In fact, Arizona officials in December voted to advance the study of a $5 billion project led by an Israeli company to build a plant to desalinate seawater in Mexico and transport it in a pipeline that would cross through the Organ Pipe Cactus National Monument.
    The company leading that project said it would deliver up to 1 million acre-feet of water to Arizona, roughly the amount that the central and southern part of the state used from the Colorado River in 2022. The first phase of the plan would be a single pipeline that would transport roughly 300,000 acre-feet of water to Arizona, with future pipes supplying up to 1 million acre-feet.
    If the desalinated water were to cost between $2,000 and $3,000 an acre foot for the Mexico plant, then the cost could potentially total up to nearly $1 billion each year for 300,000 acre-feet of water. And the cost could reach nearly $3 billion per year for 1 million acre-feet of water.

    The environmental costs to desalination

    There are also environmental costs to desalination. In addition to the greenhouse gases emissions produced from the large amount of energy needed to operate, the process leaves behind leftover brine, or concentrated salt water, which can raise the salinity of seawater and damage local marine systems and water quality as a result.
    Brine can contain toxic metals such as mercury, cobalt, copper, iron, zinc and and nickel, as well as pesticides and acids that cause irrevocable changes to the environment.
    “It’s difficult to bring desalination projects to scale because desalination is extremely expensive and there are real problems disposing with the brine that’s leftover,” Sorensen said.
    One study published in the journal ScienceDirect found that brine volumes are greater than most industry estimates, comprising on average a gallon and a half for each gallon of fresh water produced. The authors urged brine management strategies that limit the negative environmental impacts and reduce the economic cost of disposal.

    However, the most widespread current practice is to dump the leftover brine back into the ocean, which has led to the death of fish populations and corals as well as damage to seagrasses and fish larvae.
    California regulators last year rejected a $1.4 billion desalination plant in Huntington Beach, citing not only the costs of the water but the hazards to marine life and risks associated with sea level rise and flooding.
    Desalination will be useful in some areas of the country, especially as operating costs come down and more research is done on brine disposal. But water policy experts have suggested alternatives that are currently less expensive and energy-intensive and don’t pose environmental hazards.
    Lund said that fallowing lower value agriculture is a cheaper and better alternative from a national and state perspective, since agriculture uses approximately 80% of the Colorado River’s water. “It’s the cheapest and most sustainable way to bring the system back into balance,” Lund said.
    Reusing wastewater, conserving water and encouraging the reallocation of water are other sustainable solutions to water shortages that should take priority over desalination, Glennon said.
    “Desalination is not a silver bullet. There are immense challenges,” Glennon said. “We can do it, there’s no doubt about that — but it isn’t the only option.”

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    Here are 5 things to know about filing a tax return this year

    Smart Tax Planning

    The IRS opened tax season on Jan. 23. The deadline for individuals to file an income tax return is April 18.
    The tax agency expects more than 168 million federal returns to be filed this season.
    Here are some things to know about filing your 2022 income taxes, like how to file for free and get a faster refund.

    Damircudic | E+ | Getty Images

    This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in every Friday at 11 a.m. ET.
    Tax season kicked off Jan. 23. The IRS expects taxpayers to file more than 168 million returns, most before the April 18 deadline.

    Here are some key things to know before filing, according to CNBC’s Sharon Epperson, senior personal finance correspondent, and Kate Dore, a personal finance reporter.

    1. Filing — and tax help — may be free

    Certain taxpayers can leverage free (and often little-used) resources when filing a return.
    The IRS Free File program offers free, guided tax preparation online. The program, delivered via a public-private partnership, is available to taxpayers with an annual adjusted gross income of $73,000 or less.
    Free File is available to 70% of taxpayers, but few use it — and they may inadvertently pay to file a return.
    The IRS also offers Fillable Forms, which are electronic federal tax forms you can fill out and file online for free. It’s essentially a pencil-and-paper option for do-it-yourselfers.

    More from Smart Tax Planning:

    Here’s a look at more tax-planning news.

    You may also be eligible for free tax help at a local Volunteer Income Tax Assistance Center, generally available to people who make $60,000 or less, people with disabilities or those with limited English. Those 60 years and older can also get help via Tax Counseling for the Elderly.
    You can locate a nearby VITA or TCE site on the IRS website.

    2. When to file a tax return

    In most cases, you should file as soon as possible — to get a faster refund and reduce the odds of a fraudster claiming a refund in your name via identity theft.
    However, you need all the relevant tax forms to file, and they may not all be available yet. You can use last year’s tax return to get a sense of what forms you may need. They may be mailed to you or available online. (Aside from tax forms, be sure to have receipts handy for relevant tax deductions and credits.)
    If you owe a tax bill — and are concerned you don’t have the money to pay right now — you can delay submitting a return, generally up to April 18. At that point, file a return and pay at least a portion of your bill to reduce penalties.

    3. Timing and amount of tax refunds

    In general, you should get a refund within 21 days.
    To avoid delays, file an electronic, error-free tax return with direct deposit for payments. Don’t send a paper return or ask for a refund check.

    Double check your return for key details and basic mistakes such as typos in your name, address, date of birth, banking details and Social Security number. Mistakes can delay refunds.
    The IRS has warned that tax refunds may be smaller this year. Pandemic-era tax relief — like enhancements to the child tax credit, child and dependent care credit, and earned income tax credit — are no longer available.

    4. What to do with a tax refund

    It may be wise to save — and not spend — your refund this year. Having a bigger financial cushion is important in an environment of economic uncertainty.
    Taxpayers can earn roughly 3% to 4% on that cash via an online bank offering a high-yield savings account. They may also wish to contribute to a pre-tax or Roth individual retirement account.

    5. Smoother customer service

    Those with tax questions may experience smoother IRS customer service this year relative to the recent past.
    The Inflation Reduction Act boosted funding for the agency, which has begun rolling out changes like hiring 5,000 new customer service reps and new technology allowing people to respond to some notices online.
    Last year, just 13% of people who called in reached a representative. The IRS hopes to bring phone wait time down to 15 minutes. More

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    Goldman Sachs CEO David Solomon gets 29% pay cut to $25 million after tough year

    The package includes a $2 million base salary and variable compensation of $23 million, New York-based Goldman said in a filing.
    Most of Solomon’s bonus — 70%, or $16.1 million — is in the form of restricted shares tied to performance metrics, while the rest is paid in cash, the bank said.
    Solomon’s pay, while large, is about 29% lower than what he was granted for his 2021 performance. Meanwhile, the company’s full-year earnings fell by 48% to $11.3 billion amid sharp declines in investment banking and asset management revenue.

    David Solomon, Chairman & CEO of Goldman Sachs, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 23rd, 2023. 
    Adam Galica | CNBC

    Goldman Sachs CEO David Solomon will get a $25 million compensation package for his work last year, the bank said Friday in a regulatory filing.
    The package includes a $2 million base salary and variable compensation of $23 million, New York-based Goldman said in the filing. Most of Solomon’s bonus — 70%, or $16.1 million — is in the form of restricted shares tied to performance metrics, while the rest is paid in cash, the bank said.

    Solomon’s pay, while large, is about 29% lower than the $35 million he was granted for his 2021 performance. Similarly, Goldman’s full-year earnings fell by 48% to $11.3 billion amid sharp declines in investment banking and asset management revenue, the company said last week.
    While the bank was primarily hit by industrywide slowdowns in capital markets activity as the Federal Reserve raised interest rates, Solomon also faced his own set of issues. Goldman was forced to scale back its ambitions in consumer finance and lay off nearly 4,000 workers in two rounds of terminations in recent months.
    Solomon’s pay package is smaller than that of CEOs Jamie Dimon of JPMorgan Chase and James Gorman of Morgan Stanley, who were awarded 2022 compensation of $34.5 million and $31.5 million, respectively.

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