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