Wall Street gravy train resumes journey
The Wall Street gravy train appears to be picking up steam again following the global financial crisis (GFC), with Bloomberg having reported that Goldman Sachs chief executive Lloyd Blankfein has been delivered a doubling in his salary this year – despite the company reporting a 38 per cent decline in profits.
However, the Bloomberg report suggests the gravy train has a fair way to go before it returns Blankfein to his peak pre-GFC salary of US$68 million.
According to today’s report out of the US, Blankfein received share awards of US$12.6 million on top of a US$5.4 million performance-related cash bonus, and a salary of US$600,000.
The Bloomberg report said he also received additional benefits worth US$464,000.
The report also quoted US salary packaging experts as expressing little surprise that Goldman Sachs had returned to “market-based pay arrangements”.
AUTHOR
Mike Taylor
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