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Goldman's CEO gets a 15 percent pay raise

Chief Executive Officer of Goldman Sachs Lloyd C. Blankfein.
Chief Executive Officer of Goldman Sachs Lloyd C. Blankfein.Larry Downing / REUTERS

Goldman Sachs’ Chief Executive Lloyd Blankfein received a $16.2 million pay package last year, a 15 percent increase over the year before that came primarily from a salary bump and greater stock rewards.

According to a filing with the U.S. Securities and Exchange Commission, Blankfein's compensation package included a $2 million salary, a $3 million bonus and $10.7 million worth of stock.

The previous year, Blankfein received $14.1 million, including a $600,000 salary, a $5.4 million bonus and $7.7 million worth of stock.

Blankfein's pay package is likely to get attention both outside and inside Wall Street's most prominent investment bank, where thousands of traders, bankers and support staff were fired last year due to weak performance.

"Whether it's $12 million or $16 million, it's excessive," said Jack Ucciferri, research and advocacy director at Harrington Investments Inc, a Goldman shareholder that has a proposal in Goldman's proxy that, if passed, would require top executives to retain 75 percent of their stock holdings for at least three years after leaving the bank.

Goldman earned a $2.5 billion profit during 2011, down from $3.6 billion in 2010, and its share price fell 46 percent last year, amid a slowdown in investment banking deals and volatile trading conditions.

Shares of Goldman were down about 4 percent Friday.

Goldman, one of Wall Street’s most prestigious investment banks, hit the headlines in March after a column on the opinion pages of The New York Times decried a culture of greed and arrogance at the company.

An annual salary increase of around 3 percent is normal for most Americans.

Reuters contributed to this report.

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