Goldman Sachs awarded CEO Lloyd Blankfein a big raise in 2013, according to a regulatory filing. Blankfein received $14.7 million in restricted stock as part of his 2013 bonus. That is 8% more than last year. Critics of the pay day might point to the fact that Goldman Sachs reported revenue that was largely flat for the year.
Goldman Sachs has performed well in the wake of the financial crisis and the recession. Goldman Sachs (GS) shares are up more than 70% in the last five years. You would think that would give shareholders reason to want Blankfein to stick around, however both the S&P 500 and Goldman rival, JP Morgan Chase (JPM) have outperformed Goldman, up more than 100% in the same five year period.
In its latest earnings report, Goldman Sachs reported a decline in overall compensation last year. In total, Blankfein’s compensation for 2013 includes $14.7 million in restricted stock, $6 million in cash bonus and a $2 million base salary, for a total of $22.7 million, according to the Wall Street Journal.
Blankfein’s counterparts at J.P. Morgan Chase and Morgan Stanley (MS) also received bigger bonuses in the form of restricted stock for 2013. J.P. Morgan Chase CEO, Jamie Dimon, received $18.5 million in stock. Morgan Stanley’s CEO, James Gorman, received $5 million in stock.