Goldman Sachs paid Patrick Cantlay more than $1 million a year

Goldman Sachs paid professional golfer Patrick Cantlay more than $1 million annually in a sponsorship deal linked to the bank’s consumer-banking efforts, CNBC has learned.

A three-year deal signed by Cantlay in 2020 included a minimum of $1.1 million annually, according to people with knowledge of the contract, with performance bonuses for PGA Tour and Major victories and hitting top rankings worth potentially far more.

Goldman opted not to renew Cantlay’s sponsorship this year in the latest example of the bank’s retrenchment from its retail banking push. After CEO David Solomon capitulated to demands to end the money-losing effort, the bank shut down a personal loan unit, shelved a planned checking account and sold off businesses.

Cantlay initially wore a cap emblazoned with the bank’s short-lived Marcus brand. That was replaced by the Goldman Sachs name after the bank’s president, John Waldron, said to be a fan of the sport, pushed for the change, said one of the people, who declined to be identified speaking about sponsorship deals.  

The first Cantlay deal was considered a relatively modest sum for a Top-10 ranked PGA golfer, mostly because his brand was still rising when he was signed, according to one of the people.

He got paid significantly more when Goldman renewed his sponsorship in a one year extension earlier in 2023, this person said. Cantlay has earned more than $42 million in official competitions since turning pro in 2012, according to the PGA Tour.

Goldman spokesman Tony Fratto declined to comment on the financial aspects of the sponsorship, as did Cantlay’s representative Molly Levinson.

“We constantly evaluate the firm’s partnerships, and at this time, our logo will no longer appear on his hat,” Fratto told The New York Times, which first reported that Goldman wasn’t renewing Cantlay.  

Cantlay still appears on Goldman’s website as a brand ambassador, along with LGPA golfer Nelly Korda and McLaren’s Formula 1 racing team.