Blankfein's Pay Falls Behind Rivals' for a Second Year
Blankfein's Pay Falls Behind Rivals' for a Second Straight Year
(Bloomberg) -- Lloyd Blankfein, once Wall Street’s highest-paid chief executive officer, fell behind some of his rivals for a second year in a row.
Goldman Sachs Group Inc. boosted Blankfein’s pay 9 percent to $24 million for 2017, the New York-based company said in a filing made public Friday, putting him behind both Jamie Dimon at JPMorgan Chase & Co. and Morgan Stanley’s James Gorman.
Blankfein presided over a 30 percent decline in fixed-income trading revenue last year as the commodities division dragged down results. The CEO still managed to increase revenue in 2017 by relying on other businesses to pick up the slack, such as investment banking and asset management. Goldman Sachs’s market value fell below Morgan Stanley’s last month, snapping a 4,105-day streak that started in 2006.
Blankfein received a $2 million salary as well as variable compensation consisting of $17.6 million in performance-linked restricted stock and $4.4 million in cash, the filing shows.
Dimon got $29.5 million for last year, a 5.4 percent increase, while Morgan Stanley lifted Gorman’s compensation 20 percent to $27 million. In 2015, Blankfein was No. 1 among the biggest banks for a fourth straight year, but he lost that title in 2016 when his pay was cut 27 percent.
Blankfein’s 2017 package still surpassed Brian Moynihan’s. Bank of America Corp. increased its CEO’s compensation to $23 million for 2017, a 15 percent jump from a year earlier.
To contact the reporters on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net, Anders Melin in New York at amelin3@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Peter Eichenbaum
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