Goldman Sachs CEO to receive $9.8m for 2009

23 March 2010

Lloyd Blankfein, Goldman Sachs chief executive officer (CEO), will receive $9.8 million as a pay packet for 2009, a filing from the investment bank has revealed.

The CEO’s pay included $9 million in restricted stock, a $600,000 salary and $262,000 in other compensation awards.

Mr Blankfein, who waived a bonus in 2008, also received $18.7 million from investments made in funds available to the bank’s client-base.

The bank created the funds to allow staff to benefit from venture capital and merchant banking activities, Bloomberg reported.

Other executives who took advantage of the offer included David Viniar, chief financial officer, who received $11.5 million and Jon Winkelreid, a former president and chief operating officer, who made $9.8 million from his investments.

Lucian Bebchuk, a professor at Harvard, told the Financial Times: “Given the size of the distributions to the top executives, it seems that they likely have rather large amounts invested in those funds and that saving the costs of management fees and overrides can be substantial.”

The bank’s CEO holds the record for the highest amount of total compensation paid out when he received $68.5 million in 2007.

By Jim Ottewill

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