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Mar 23, 2018

Goldman's Blankfein saw 9% pay hike in 2017

Goldman Sachs Chairman and CEO Lloyd Blankfein

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Goldman Sachs Group Inc (GS.N) Chief Executive Lloyd Blankfein saw his overall compensation rise 9 per cent, despite the investment bank's lackluster performance in 2017.

Blankfein's total compensation was about US$22 million in 2017, compared with US$20.2 million a year earlier, according to a regulatory filing.

Top executives at big Wall Street banks have seen their compensation rise in 2017.

JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon was paid US$29.5 million, a 5.4 per cent increase; while Morgan Stanley (MS.N) CEO James Gorman's compensation saw an increase of 20 per cent to US$27 million.

Citigroup Inc (C.N) CEO Michael Corbat's compensation jumped 48 per cent to US$23 million.

Goldman's chief operating officer, David Solomon, was paid US$16.4 million in total compensation.

The bank said on March 12 Harvey Schwartz, co-chief operating officer, would retire, leaving David Solomon as sole president and chief operating officer.

Solomon is now the most obvious successor to Blankfein, who has held the top job for 12 years.

Goldman's profit nearly halved in 2017 as it struggled with a steep drop in trading revenue.