Boston, MA 04/15/2013 (wallstreetpr) – Goldman Sachs Group, Inc (NYSE:GS) (Closed: $149.12, Up by 0.03%) no longer offers Lloyd C. Blankfein’s top deputies equal-pay terms. The 52- year –old Gary Cohn received a compensation package of $19 million which was 12 percent higher than that which John S Weinberg and Michael Evans the Vice Chairmen of the company had been awarded. This has been the first compensation –disparity since the 2007 when the bonus that Blankfein had received had set a Wall Street Chief Executive Officer record.
This change has also fueled speculation about who would be Blankfein’s successor. In June 2006, Blankfein had succeeded Henry Paulson as CEO and said that he intends to stay indefinitely rooted to the position. New York’s Boyden Global Executive Search managing director, Jeanne Branthover said that a higher compensation is generally an indication that the person is eventually running for a particular post. Vice Chairman Evans who oversees the emerging markets business for the company received $17 million and Weinberg who helps in overseeing investment banking received the same amount.
Individual performance indicator
David Viniar the firm’s Chief Financial Officer who retired at the start of 2013 had been awarded $19 million while the 2012 package that Cohn received included a cash bonus amount of $5.15 million. Weinberg and Evans, each had got a cash award of $4.55 million. According to the filing, Blankfein got $21 million for 2012 which has been his highest annual compensation since 2007. This amount boosted him to the top of the CEO compensation list for America’s ten largest banks. James Morgan of Morgan Stanley (NYSE:MS) (Closed: $29.28, Down by 2.02%) received $9.75 million while Jamie Dimon of JPMorgan Chase & Co (NYSE:JPM) (closed: $49.01, Down by 0.61%) had been awarded $11.5 million.
Goldman Sachs is the United States’ fifth-biggest bank by assets and had reported its first revenue increase in three years, in 2012. In its filings the bank said that pay difference amongst the NEO’s, or named executive officers primarily reflect their roles and their individual performance. The committee had not used any specific individual performance goals to determine what the Neo compensation was going to be.
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