- Bonus brings CEO's 2015 total compensation to $30 million
- President Cohn, Vice Chairman Schwartz each get $6.7 million
Goldman Sachs Group Inc. awarded Chief Executive Officer Lloyd Blankfein a $7 million bonus to be paid out over eight years if the firm meets certain targets, bringing his total compensation for last year to $30 million.
Blankfein, 61, can receive more or less of the long-term incentive award based on whether the firm achieves return-on-equity and book-value targets, the New York-based firm said Friday in a filing. His package includes $14.7 million in restricted shares, a $6.3 million cash bonus and a $2 million salary.
He becomes the highest-paid CEO among those at the largest U.S. lenders for the fourth straight year, despite overseeing a 28 percent decline in net income. The firm’s ROE was 7.4 percent last year, a 34 percent decline from 2014 after the bank paid more than $5 billion to settle a probe into mortgage-backed securities.
Blankfein’s total pay package for 2015 fell from $31 million a year earlier. JPMorgan Chase & Co. gave CEO Jamie Dimon a 35 percent pay raise to $27 million for 2015, while Wells Fargo & Co. awarded John Stumpf $19.3 million for a fourth straight year. Citigroup Inc. trimmed Mike Corbat’s compensation 27 percent to $16.5 million. Bank of America Corp.’s Brian Moynihan got $16 million.
Details of Blankfein’s pay were contained in the bank’s proxy statement for its annual shareholders’ meeting, which will be held May 20 in Jersey City, New Jersey. James A. Johnson, the former head of Fannie Mae and the longest serving member of Goldman Sachs’s board, leads the compensation committee.
President Gary D. Cohn, Chief Financial Officer Harvey M. Schwartz and Vice Chairman Michael S. Sherwood were granted $6.7 million long-term awards, bringing their total pay packages to $27.7 million each. Vice Chairman Mark Schwartz received $22 million in total pay, including a $4 million incentive.
Top executives also received payouts from funds managed by the firm during the year, including profits, return of money invested and their portion of the funds’ management fees, known as overrides. Including those overrides, the payouts during 2015 totaled about $25.8 million for Blankfein, $10.1 million for Cohn, and $5.06 million for Harvey Schwartz.