Goldman CEO Pay Falls 35% as Earnings Drop by 47%
NEW YORK (TheStreet) -- Goldman Sachs(GS) Chairman and CEO Lloyd Blankfein saw his compensation fall by 35% in 2011 even as the company's earnings dropped by 47%.
Blankfein's pay fell by $6.6 million to $12 million as his bonus and share-based awards decreased by 44.4% each. His salary, however, more than tripled to $2 million.
|Goldman Sachs Chairman and CEO Lloyd Blankfein earned $12 million in 2011.|
Other senior officers at Goldman, including President and COO Gary Cohn, CFO David Viniar, and vice chairmen Michael Evans and John Weinberg, saw nearly identical changes to their compensation. Each was paid $11.85 million in 2011-- slightly less than Blankfein -- after having received $18.6 million in 2010. Also like Blankfein, they saw their cash bonuses and restricted stock units fall by 44.4% while salary more than tripled.
Goldman earned $4.44 billion in 2011 on revenues of $28.81 billion, compared to earnings of $8.35 billion on revenues of $39.16 billion for 2010. Its shares lost 46% during the year.
A Goldman spokesman had no immediate response to a request for comment.
-- Written by Dan Freed in New York.