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Banking, finance, and taxes

Blankfein Takes 35% Pay Cut (GS, JPM, MS, C)

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By Paul Ausick Published
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The total 2011 compensation package for Goldman Sachs Group Inc. (NYSE: GS) CEO Lloyd Blankfein was chopped by $6.7 million to $12.4 million, 35% below his 2010 total pay of $19.1 million. Under SEC rules Blankfein’s total compensation rose from $14.1 million in 2010 to $16.2 million in 2011, which includes pay received in 2011 that is related to prior years’ performance.

Four other top-paid Goldman executives received identical compensation packages of $11.85 million, plus benefits and prior year pay. The CEOs of JPMorgan Chase & Co. (NYSE: JPM), Morgan Stanley (NYSE: MS), and Citigroup Inc. (NYSE: C) earlier received compensation packages of $23 million, $10.5 million, and $15 million, respectively.

Blankfein’s compensation came for a year when earnings fell by -47%, the share price fell by -46%, and Goldman fired 2,400 employees. By those measures, Blankfein’s 35% pay cut seems generous.

The company’s proxy statement is available here.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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