The Wall St Journal reports that Goldman Sachs cut Chief Executive Lloyd Blankfein's stock bonus for the first time since the financial crisis, the latest sign that Wall Street executives are paying for a year of mixed financial performance and steep stock-price declines.
The New York securities firm awarded Mr. Blankfein restricted shares worth $7 million for 2011, according to a regulatory filing Friday. That is down 44% from Mr. Blankfein's $12.6 million bonus for 2010, and his lowest payout since he received no bonus for 2008, a year in which Goldman accepted government funds.
Goldman didn't disclose whether Mr. Blankfein also received a cash bonus for the year; he received $5.4 million for 2010. A Goldman spokesman declined to comment. It will be disclosed in a subsequent filing. The company said last year that Mr. Blankfein would make $2 million in salary for 2011, up from $600,000 for 2010….
Find out more at http://online.wsj.com/article/SB10001424052970204662204577201483347787346.html?mod=WSJ_business_whatsNews
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