Senior officials at Goldman Sachs have bolstered their pay packets by around $50 million through stock sales in recent times, it has emerged.
According to the Financial Times, regulatory filings from the major US bank show that chief executive Lloyd Blankfein and outgoing chief financial officer David Vinar have made $5 million and $15 million respectively by selling shares in the last two months.
Back in 2002, partners at the financier were granted the option of selling off their shares in the company - a decision that has resulted in its stock value climbing by around 50 per cent in the proceeding decade.
However, this option expired last Friday (30 November), which led to a significant upturn in sales volumes over the course of the last few months.
For instance, Mike Sherwood, head of Goldman's European business, made in excess of $500,000 last week alone after selling some $5 million worth in October.
By Tony Aynsley