Goldman Sachs Cuts CEO Pay
Goldman Sachs Group, Inc., the investment banking and securities firm that engages in global investment banking cut its CEO’s compensation for 2011. Chairman and CEO Lloyd Blankfein was awarded $12.4 million in compensation, down 35 percent from the previous year.
Blankfein’s pay included a $3 million cash bonus, $7 million in restricted stock, $2 million in salary and $449,600 in other benefits, according to a proxy statement released Friday, reported Bloomberg.com.
In 2010, Blankfein earned $19.1 million, including $5.4 million in cash, $12.6 million in restricted stock, a $600,000 salary and $464,100 in benefits.
Goldman Sachs earnings dropped 47 percent, the stock tumbled 46 percent and the firm cut 2,400 jobs last year.
“That decrease from the prior year is pretty consistent with what we’ve seen in the industry,” said Joseph Sorrentino, a managing director at Steven Hall & Partners, a compensation- consulting firm in New York, reported Bloomberg.