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HomejobsBlankfein’s pay to rise 10% to $23 million for 2013

Blankfein’s pay to rise 10% to $23 million for 2013

Lloyd Blankfein, chairman and chief executive of Goldman Sachs, may earn as much as $23 million in 2013 – a 10 percent increase on the previous year – despite the bank's struggle to overcome a slump in fixed income trading.

His rise comes as the bank cut bankers' bonuses across the board, with the payroll falling 3 percent to $12.6 billion for a pay-to-revenues ratio of 36.9 percent, a percentage point lower than at the end of 2012.

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Adam Jeffery | CNBC

Mr Blankfein was awarded 88,422 in restricted share units, according to a filing with the Securities and Exchange Commission, that are worth $14.7 million based on Goldman's closing share price of $165.84 on Thursday.

The restricted stock units, which typically total about 70 percent of his bonus, mean he is expected to be paid another $6.3 million in cash. That is in addition to his $2 million salary, taking his overall package to $23 million.

That figure does not include notional long-term incentives that will be disclosed later in the year.

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Mr Blankfein is on track to be paid more than Jamie Dimon and James Gorman, chiefs of JPMorgan and Morgan Stanley respectively. Mr Dimon got a 74 percent pay rise in 2013 to $20 million. Mr Gorman's stock bonus in 2013 rose by 88 percent to $4.9 million. Other big US banks are yet to announce their executive pay deals.


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