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Goldman Sachs pays CEO Blankfein $22.6 mln for 2015

April 08, 2016 at 01:14 pm EDT

(Reuters) - Goldman Sachs Group Inc (>> Goldman Sachs Group Inc) paid Chief Executive Lloyd Blankfein $22.6 million for 2015, according to a regulatory filing on Friday, marking his first pay decline in four years.

Blankfein received $24 million for 2014.

On top of his salary and other awards, Blankfein is eligible to receive a total of $7 million based on the bank's performance over the next eight years as part of Goldman's long-term performance incentive plan, the filing to the Securities and Exchange Commission showed.

The compensation included stock awards of $13.9 million and a bonus of $6.3 million. (http://1.usa.gov/1UNsQBR)

Goldman also paid Chief Financial Officer Harvey Schwartz and Chief Operating Officer Gary Cohn total compensation of $21 million, it said.

Goldman's compensation committee had determined that each executive's total 2015 pay should be reduced by 4 to 5 percent from the prior year, as a result of challenging financial markets and increased costs related to regulatory requirements, it said.

The decision factored in a payment of over $5 billion to settle U.S. regulators' claims that Goldman had misled investors of mortgage bonds sold between 2005 and 2007, it added.

Goldman told shareholders to vote against a shareholder proposal that required that the bank's chairman be an independent board member, the filing showed.

Shares of Goldman Sachs declined 8 percent in 2015, making it the second worst performer among the big U.S. banks after Morgan Stanley (>> Morgan Stanley), which slumped 18 percent.

JPMorgan Chase & Co (>> JPMorgan Chase & Co.), the biggest U.S. bank by assets, said on Thursday that it had raised CEO Jamie Dimon's 2015 pay package to $27 million. Arch rival Morgan Stanley said last week that it had cut CEO James Gorman's compensation to $22.1 million from $23.3 million.

(Reporting by Reporting by Richa Naidu and Olivia Oran; Editing by Don Sebastian and Richard Chang)

By Richa Naidu and Olivia Oran

Stocks treated in this article : JPMorgan Chase & Co., Goldman Sachs Group Inc, Morgan Stanley

Valeurs citées dans l'article : JPMorgan Chase & Co., Goldman Sachs Group Inc, Morgan Stanley, HIS

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	THE GOLDMAN SACHS GROUP, INC.	423 USD	-0.23%	+4.74%	145B
	MORGAN STANLEY	93.85 USD	+0.10%	+4.19%	153B

Lloyd Blankfein

Lloyd Craig Blankfein (born September 20, 1954) is an American business executive. He is the CEO and Chairman of Goldman Sachs. He assumed this position upon the May 2006 nomination of former CEO Henry Paulson to United States Secretary of the Treasury.

Biography

Early life
Lloyd Blankfein was born in the Bronx borough of New York City, to a Jewish family, and reared in the Linden Houses, a New York City Housing Authority project in the East New York section of Brooklyn. His father was a clerk with the U.S. Postal Service branch in the Manhattan borough of New York City and his mother was a receptionist. As a boy, he worked as a concession vendor at Yankee Stadium. and then Donovan, Leisure, Newton & Irvine. In 1981, he joined Goldman's commodities trading arm, J. Aron & Co., as a precious metals salesman in its London office.

He has served as Chairman and Chief Executive Officer of Goldman Sachs since 2006. He earned a total of $54.4 million in 2006 as one of the highest paid executives on Wall Street. His bonus reflected the performance of Goldman Sachs, which reported record net earnings of $9.5 billion. The compensation included a cash bonus of $27.3 million, with the rest paid in stock and options. While CEO of Goldman Sachs Group in 2007, Blankfein earned a total compensation of $53,965,418, which included a base salary of $600,000, a cash bonus of $26,985,474, stocks granted of $15,542,756 and options granted of $10,453,031.

In 2009, the Financial Times named Blankfein its "2009 Person of the Year", stating, "His bank has stuck to its strengths, unashamedly taken advantage of the low interest rates and diminished competition resulting from the crisis to make big trading profits." Critics of Goldman Sachs and Wall Street have taken issue with those practices. Taking a different view, Forbes listed Blankfein as one of "The Most Outrageous CEOs of 2009."

Source @ Wikipedia

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