GS Goldman Sachs Group Inc

Goldman Sachs Group Inc.'s chairman and chief executive said he sees signs that economic growth is accelerating, evidence that should improve conditions for many of the Wall Street firm's businesses.

Federal Reserve officials recently indicated that the central bank could raise interest rates sooner than the market expects, and "underlining that is the feeling that the economy is starting to accelerate at a faster rate," Lloyd Blankfein, Goldman's top executive, said Friday during Goldman's annual shareholders meeting in Jersey City, N.J.

"We see the same things they must be seeing," Mr. Blankfein said, noting how economic and political uncertainty has dented corporate and investor confidence in the past year. That weakened trading activity, and slowed the pace of deal-making and investing.

An advisory vote on Goldman's executive-pay practices received the support of investors holding about 66% of the firm's shares.

Institutional Shareholder Services Inc. and Glass Lewis, two top proxy advisers, had recommended shareholders vote against the nonbinding measure on Goldman's executive-pay policies.

Goldman paid Mr. Blankfein $23 million for his work in 2015, down from $24 million the previous year.

"Total CEO pay declined by only 4% and remained relatively high despite lagging company performance," ISS wrote in a report.

ISS also recommended voting against the election of Lakshmi Mittal. Mr. Mittal, chairman and CEO of ArcelorMittal, serves on more than three public-company boards, the proxy firm said. Mr. Mittal, along with the other directors, was re-elected on Friday.

Goldman's annual shareholder meeting was held at the firm's office tower in Jersey City, a short ferry ride across the Hudson River from its downtown Manhattan headquarters.

Goldman had used recent meeting locations to showcase its growth and operations in other part of the country: Salt Lake City; Irving, Texas; and San Francisco.

The meeting's return to Jersey City, home to a range of revenue-generating and support activities, follows a quiet build of its workforce in what is remains the tallest building in New Jersey. The firm ended 2015 with more than 3,000 employees based in the office tower, up from some 2,700 a year earlier, a person familiar with the matter said.

Write to Justin Baer at justin.baer@wsj.com

(END) Dow Jones Newswires

May 20, 2016 15:25 ET (19:25 GMT)

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