Goldman Raises CEO's Stock Bonus 90% to $13.3 Million
By Christine Harper - Bloomberg Businessweek
Goldman Sachs Group Inc. (GS) boosted Chief Executive Officer Lloyd C. Blankfein’s stock bonus 90 percent to $13.3 million, topping JPMorgan Chase & Co. (JPM)’s Jamie Dimon for the first time in five years, as profit climbed (GS).
While the bank didn’t disclose Blankfein’s cash bonus, a person familiar with the payout said his total bonus was about 70 percent restricted stock and 30 percent cash, like last year. On that basis, the total would be about $19 million including $5.7 million in cash.
Pay for Blankfein, whose $67.9 million bonus for 2007 set a Wall Street record, has trailed Dimon’s since then as Goldman Sachs’s profitability lagged behind that of JPMorgan, which this week reported a third consecutive year of record profit. Dimon, 56, who leads the biggest U.S. bank by assets, had his compensation cut in half to $11.5 million because of a trading loss.
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