The Wall Street giant's say-on-pay resolution garnered 66% support, down from 86% last year. Other banks' pay packages are also facing opposition from proxy advisory firms.

Just three months after hailing a positive "sentiment shift" following last November's election, Goldman Sachs CEO David Solomon lamented President Trump's trade war and said "the prospect of a recession has increased."

Equity-trading revenue rose 27% from a year earlier to $4.19 billion for the first three months of the year.

Goldman Sachs, Bank of America, Wells Fargo and Truist are facing pressure from ISS, Glass Lewis and SOC Investment Group over their 2024 pay packages.

JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs Group and Morgan Stanley are projected to post a combined $34.8 billion haul from their trading businesses in the first quarter, the most for that period in at least seven years.

The largest U.S. banks are facing shareholder votes on a number of politically charged issues — some backed by conservative groups and others championed by organizations with a more progressive bent.

Goldman Sachs Group is planning to start its annual round of reductions earlier in the year after previous cuts took place in the latter half.

"We have made certain adjustments to reflect developments in the law in the U.S.," Chief Executive Officer David Solomon said.

Large banks are starting to disclose the compensation they awarded to their CEOs last year. Early signs point to a bounceback after CEO pay fell in 2023.

Since August, Truist, KeyCorp and Goldman Sachs have granted one-time stock awards to certain executives they want to keep in place. One analyst wants shareholders to reject the bonuses, while consultants say there are valid reasons for banks to make the awards.