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Goldman Sachs CEO Blankfein sees 9 percent pay hike in 2017

March 23, 2018 at 02:52 pm EDT

(Reuters) - Goldman Sachs Group Inc (>> Goldman Sachs Group) Chief Executive Lloyd Blankfein saw his overall compensation rise 9 percent, despite the investment bank's lackluster performance in 2017.

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein saw his overall compensation rise 9 percent, despite the investment bank's lackluster performance in 2017.

Blankfein's total compensation was about $22 million in 2017, compared with $20.2 million a year earlier, according to a regulatory filing.

Top executives at big Wall Street banks have seen their compensation rise in 2017.

JPMorgan Chase & Co (>> JP Morgan Chase & Company) CEO Jamie Dimon was paid $29.5 million, a 5.4 percent increase; while Morgan Stanley CEO James Gorman's compensation saw an increase of 20 percent to $27 million.

Citigroup Inc CEO Michael Corbat's compensation jumped 48 percent to $23 million.

Goldman's chief operating officer, David Solomon, was paid $16.4 million in total compensation.

The bank said on March 12 Harvey Schwartz, co-chief operating officer, would retire, leaving David Solomon as sole president and chief operating officer.

Solomon is now the most obvious successor to Blankfein, who has held the top job for 12 years. (http://reut.rs/2GgKqgO)

Goldman's profit nearly halved in 2017 as it struggled with a steep drop in trading revenue.

(Corrects to add $ symbol in second paragraph. Corrects to "March 12" from "Thursday" in paragraph 7)

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Anil D'Silva)

Stocks treated in this article : Citigroup, Goldman Sachs Group, Morgan Stanley, JP Morgan Chase & Company

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.
CITIGROUP INC.	58.17 USD	+2.02%	-3.34%	111B
THE GOLDMAN SACHS GROUP, INC.	403.9 USD	+1.78%	+0.79%	138B
MORGAN STANLEY	90.08 USD	+1.05%	-1.71%	147B
JPMORGAN CHASE & CO.	180.1 USD	-0.40%	-7.87%	519B

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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