NEW YORK: Goldman Sachs Group Inc Chief Executive Lloyd Blankfein’s compensation increased 14.5% to $16.2 million in 2011 despite a sharp decline in profits and share price during the year, leaving the bank open to more attacks on its pay policies. 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. Goldman earned a $2.5 billion profit during 2011, down from $3.6 billion in 2010, and its share price fell 46% last year, amid a slowdown in investment banking deals and volatile trading conditions. Management reduced the average employee’s pay by 15% in 2011, to $367,057. That compares with a pre-crisis high of $568,732 per employee in 2007.
Published in The Express Tribune, April 15th, 2012.
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