Feb. 6 (Bloomberg) -- Goldman Sachs Group Inc. gave Chairman and Chief Executive Officer Lloyd Blankfein a $9 million all-stock bonus for 2009, about half the award granted by JPMorgan Chase & Co. to CEO Jamie Dimon, even as profit reached an all-time high and the shares doubled.
“This is certainly lower than my best estimate would have been,” said Rose Marie Orens, a senior partners at Compensation Advisory Partners in New York. “There was a very definite decision that they weren’t going to have the discussion be all about them and pay.”
Goldman Sachs, the most profitable securities firm in Wall Street history, this year cut the percentage of revenue earmarked for pay to the lowest in a decade as a public company. The New York-based firm aimed to allay anger about banks whose profits and pay rebounded within a year of taking government bailouts while the U.S. jobless rate was about 10 percent.
The bonus falls far short of the Wall Street record that Blankfein, 55, set with his $67.9 million bonus in 2007 and compares with Dimon’s award, also announced yesterday, of about $17 million in restricted stock and options
“This is certainly lower than my best estimate would have been,” said Rose Marie Orens, a senior partners at Compensation Advisory Partners in New York. “There was a very definite decision that they weren’t going to have the discussion be all about them and pay.”
Goldman Sachs, the most profitable securities firm in Wall Street history, this year cut the percentage of revenue earmarked for pay to the lowest in a decade as a public company. The New York-based firm aimed to allay anger about banks whose profits and pay rebounded within a year of taking government bailouts while the U.S. jobless rate was about 10 percent.
The bonus falls far short of the Wall Street record that Blankfein, 55, set with his $67.9 million bonus in 2007 and compares with Dimon’s award, also announced yesterday, of about $17 million in restricted stock and options
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