BUSINESS Goldman Sachs CEO Blankfein sees 9 percent pay hike in 2017

BUSINESS

Goldman Sachs CEO Blankfein sees 9 percent pay hike in 2017

Reuters

03:25, March 24, 2018

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Lloyd Blankfein, CEO of Goldman Sachs, pauses while speaking about his potential retirement at the Boston College Chief Executives Club luncheon in Boston, MA, U.S., March 22, 2018. (Photo: 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  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. 

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


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