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| Goldman Sachs CEO Lloyd Blankfein has first pay cut for four years (but still makes more than $22m) | Goldman Sachs CEO Lloyd Blankfein has first pay cut for four years (but still makes more than $22m) |
| (3 days later) | |
| It is enough to make you fear just how he is going to manage. | It is enough to make you fear just how he is going to manage. |
| On Friday, it was announced the CEO of Goldman Sachs is to receive his first pay cut for four years. In 2014, Lloyd Blankfein received $24m, but his remuneration for 2015 will be a mere $22.6m, Reuters reported, based on a regulatory filing that was made public on Friday. | On Friday, it was announced the CEO of Goldman Sachs is to receive his first pay cut for four years. In 2014, Lloyd Blankfein received $24m, but his remuneration for 2015 will be a mere $22.6m, Reuters reported, based on a regulatory filing that was made public on Friday. |
| On top of his salary and other awards, Mr Blankfein will be eligible to receive a total of $7m 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. | On top of his salary and other awards, Mr Blankfein will be eligible to receive a total of $7m 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. |
| Goldman also paid Chief Financial Officer Harvey Schwartz and Chief Operating Officer Gary Cohn total compensation of $21 million, it said. | 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 per cent from the prior year, as a result of challenging financial markets and increased costs related to regulatory requirements, it said. | Goldman's compensation committee had determined that each executive's total 2015 pay should be reduced by 4 to 5 per cent 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 US regulators' claims that Goldman had misled investors of mortgage bonds sold between 2005 and 2007, it added. | The decision factored in a payment of over $5 billion to settle US 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. | 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 (MS.N), which slumped 18 percent. | Shares of Goldman Sachs declined 8 percent in 2015, making it the second worst performer among the big U.S. banks after Morgan Stanley (MS.N), which slumped 18 percent. |
| JPMorgan Chase & Co the biggest US bank by assets, said on Thursday that it had raised CEO Jamie Dimon's 2015 pay package to $27m. Arch rival Morgan Stanley said last week that it had cut CEO James Gorman's compensation to $22.1m from $23.3m. | JPMorgan Chase & Co the biggest US bank by assets, said on Thursday that it had raised CEO Jamie Dimon's 2015 pay package to $27m. Arch rival Morgan Stanley said last week that it had cut CEO James Gorman's compensation to $22.1m from $23.3m. |