By Justin Baer
Goldman Sachs Group Inc. awarded its chairman and chief
executive, Lloyd Blankfein, salary and bonus worth up to $24
million for his performance in the past year.
The payout represents a 4% raise from a year earlier, and stands
as Mr. Blankfein's biggest haul since the financial crisis.
Mr. Blankfein received 83,510 restricted shares, half of which
are "subject to performance conditions" according to a regulatory
filing. The stock, which vests over several years, is worth about
$14.7 million.
Goldman delivered performance in 2014 similar to the previous
year. Profit rose 5%, as revenue hovered around $34 billion for a
third-straight year. Banner years by the firm's investment bankers
and investment managers helped offset a trading slump that has
dogged all of Wall Street.
Goldman typically pays out about 70% of its senior leaders'
yearend bonuses in shares that vest over several years. This year,
though, Mr. Blankfein received a slightly thicker slice of his
payout in cash, a person familiar with the matter said. The $7.3
million cash bonus, along with a $2 million salary, bring his total
pay to $24 million, the person added. The value of the package will
fluctuate in the future based on Goldman's share price.
Mr. Blankfein received $23 million in salary and bonus for his
2013 performance, and remained eligible to collect another $6
million if Goldman hit certain targets over the next several
years.
A year ago, Goldman awarded Mr. Blankfein 88,422 shares then
worth $14.7 million. The stock, along with $6.2 million in cash,
comprised his annual bonus.
-Write to Justin Baer at justin.baer@wsj.com
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