It's still good to be the king on Wall Street, just less so. On Friday, Goldman Sachs (GS) said it paid its top five
executives 35% less than it did a year ago. The company cut CEO Lloyd
Blankfein's pay to $12 million for 2011 from $18 million a year ago, Fortune
writes.
That knocks Blankfein considerably down the ranks of Wall
Street's most highly compensated CEOs. He made nearly less than half the $23
million that rival JPMorgan (JPM) CEO Jamie Dimon took home in 2011. Even
Vikram Pandit, CEO of Citigroup (C), long considered a laggard on Wall Street,
got paid $2 million more for 2011 than Blankfein. Citigroup gave Pandit a
14,000,000% raise last year.
By all accounts, 2011 was a rough one for Goldman. Earnings
fell 47%. It's stock dropped a similar amount. Goldman also eliminated 2,400
jobs from its payrolls. In February, the Securities and Exchange Commission
told Goldman it was likely to bring charges against the firm for its role in a
late-2006 mortgage bond offering that cost investors including Freddie Mac more
than $500 million in losses...
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