Lloyd Blankfein, Goldman Sachs Group Inc.’s chairman and chief executive officer, warned against raising base salaries on Wall Street less than eight months before his own more than tripled to $2 million.
Goldman Sachs prefers paying compensation in bonuses that are contingent on the firm’s performance, rather than offering guarantees or high salaries, Blankfein said in a June 16 interview with staff of the Financial Crisis Inquiry Commission, a recording of which was made public this month. On Jan. 28, the New York-based firm disclosed it had raised salaries for Blankfein and four other top executives that had been $600,000.
