Blankfein, Gorman Handed Pay Reductions After 2015 Stock Slump
- Goldman Sachs, Morgan Stanley shares both declined last year
- Gorman's firm missed targets as Goldman Sachs profit tumbled
Wall Street CEO Pay Slumps Along With Share Prices
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Wall Street’s top leaders are getting smaller pay packages after shares of their companies slumped last year.
Goldman Sachs Group Inc. cut Chief Executive Officer Lloyd C. Blankfein’s awards 4.2 percent to $23 million after the bank’s shares fell 7 percent and profit tumbled 28 percent in 2015. Morgan Stanley lowered CEO James Gorman’s pay by 6.7 percent to $21 million after the firm missed financial targets and the stock sank 18 percent, the worst performance among the six biggest banks.