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Goldman CEO Lloyd Blankfein gets a $2 million raise

Apr 04, 2014
Goldman Sachs CEO Lloyd Blankfein

FORTUNE -- Last year was a pretty good one for Goldman Sachs. But it was a very good year for the bank's CEO, Lloyd Blankfein.

According to a financial filing that came out on Friday, Goldman (gs) paid Blankfein $23 million for his work in 2013. That was up $2 million from the year before. In addition to his 2013 compensation, Goldman also said Blankfein was eligible to collect an additional $6 million if the firm meets certain goals during the next three years.

Blankfein's $23 million pay included a base salary of $2 million and a cash bonus of $6.3 million. The bonus was up $600,000 from a year ago. He also got $14.7 million in restricted stock, which was up $1.4 million from a year before.

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Goldman's No. 2 executive, Gary Cohn, also got a $2 million pay bump last year, to $21 million. Harvey Schwartz, who took over the role of chief financial officer last year, also got paid $21 million for 2013.

Even with the raises, the 2013 executive compensation is still a far cry from what Blankfein and Cohn got a few years ago. The two were paid $54 million and $53 million, respectively, in 2007. What's more, some other Wall Street CEOs got bigger pay raises this year.

Still, the $23 million for 2013 was enough to make Blankfein, like last year, Wall Street's best-paid CEO. That compared to $20 million for JPMorgan Chase CEO Jamie Dimon, and $18 million for James Gorman at Morgan Stanley (ms).

And Blankfein got more than a raise in 2013. In November, he told a crowd of fellow Wall Streeters that his reflections on the financial crisis had led to a good deal of personal growth for him.

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Blankfein's raise came despite the fact that Goldman had somewhat of a rocky year in 2013. Earnings at the company were up, but only by 8%. And that included a third quarter in which the company saw a big drop in its trading business. Last month, in the Fed's annual stress test, Goldman's initial capital plan was rejected by the regulator. Only after quickly scaling back the amount the bank would spend on dividends and share buybacks did Goldman get a passing grade.

What's more, at least part of the reason Goldman had higher earnings last year was the fact the firm cut its overall compensation expenses. The average Goldman worker was paid $383,374 in 2013, down 4% from a year before. Clearly, the "pain" wasn't evenly felt.

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