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Goldman Sachs CEO Blankfein sees slight pay cut in 2016

Reuters 

By Olivia Oran

- Group Inc Chief Executive Lloyd saw his overall compensation fall slightly, reflecting lower revenues at the in the first half of 2016.

Blankfein's overall declined 4 percent to $22 million, according to a regulatory filing.

changed Blankfein's compensation structure by tying all of his equity awards to performance. It also eliminated a long-term incentive award.

The revamped the structure after some shareholders raised concerns that it was overly complex.

and Citigroup Inc CEO Mike Corbat were the only major CEOs whose was cut. of America Corp CEO Brian Moynihan's compensation surged 25 percent to $20 million, his biggest payday since taking the helm of the in the aftermath of the 2008 financial crisis.

JPMorgan Chase & Co CEO Jamie Dimon and Morgan Stanley CEO James Gorman saw more modest raises of 4 percent and 7 percent, respectively.

shares rose 34 percent last year, thanks largely to a broad rally in U.S. stocks following the Nov. 8 election. Investors are betting that higher interest rates, as well as lighter regulation, lower taxes and faster economic growth promised by Trump will boost profits for lenders.

The reported a 9 percent decline in net revenues for 2016, as a strong second half of the year in which events like Brexit and the U.S. presidential election spurred trading could not make up for a dismal first quarter across Wall Street.

Goldman's return on equity (ROE), a measure that shows how well a uses shareholder money to generate profit, was 9.4 percent for 2016. That was below the 10 percent analysts believe is needed to cover a bank's cost of capital, but above U.S. peers which generated on average a 7.9 percent ROE in 2016.

changed its performance-based awards for executives to reflect the bank's ROE relative to peers.

Chief Financial Officer Harvey Schwartz received total compensation of $20 million in 2016, a decline of 5 percent from the year prior.

(Reporting by Nikhil Subba in Bengaluru and Oilvia Oran in New York; Editing by Anil D'Silva and Jonathan Oatis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Goldman Sachs CEO Blankfein sees slight pay cut in 2016

REUTERS - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein saw his overall compensation fall slightly, reflecting lower revenues at the bank in the first half of 2016.

By Olivia Oran

- Group Inc Chief Executive Lloyd saw his overall compensation fall slightly, reflecting lower revenues at the in the first half of 2016.

Blankfein's overall declined 4 percent to $22 million, according to a regulatory filing.

changed Blankfein's compensation structure by tying all of his equity awards to performance. It also eliminated a long-term incentive award.

The revamped the structure after some shareholders raised concerns that it was overly complex.

and Citigroup Inc CEO Mike Corbat were the only major CEOs whose was cut. of America Corp CEO Brian Moynihan's compensation surged 25 percent to $20 million, his biggest payday since taking the helm of the in the aftermath of the 2008 financial crisis.

JPMorgan Chase & Co CEO Jamie Dimon and Morgan Stanley CEO James Gorman saw more modest raises of 4 percent and 7 percent, respectively.

shares rose 34 percent last year, thanks largely to a broad rally in U.S. stocks following the Nov. 8 election. Investors are betting that higher interest rates, as well as lighter regulation, lower taxes and faster economic growth promised by Trump will boost profits for lenders.

The reported a 9 percent decline in net revenues for 2016, as a strong second half of the year in which events like Brexit and the U.S. presidential election spurred trading could not make up for a dismal first quarter across Wall Street.

Goldman's return on equity (ROE), a measure that shows how well a uses shareholder money to generate profit, was 9.4 percent for 2016. That was below the 10 percent analysts believe is needed to cover a bank's cost of capital, but above U.S. peers which generated on average a 7.9 percent ROE in 2016.

changed its performance-based awards for executives to reflect the bank's ROE relative to peers.

Chief Financial Officer Harvey Schwartz received total compensation of $20 million in 2016, a decline of 5 percent from the year prior.

(Reporting by Nikhil Subba in Bengaluru and Oilvia Oran in New York; Editing by Anil D'Silva and Jonathan Oatis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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Goldman Sachs CEO Blankfein sees slight pay cut in 2016

By Olivia Oran

- Group Inc Chief Executive Lloyd saw his overall compensation fall slightly, reflecting lower revenues at the in the first half of 2016.

Blankfein's overall declined 4 percent to $22 million, according to a regulatory filing.

changed Blankfein's compensation structure by tying all of his equity awards to performance. It also eliminated a long-term incentive award.

The revamped the structure after some shareholders raised concerns that it was overly complex.

and Citigroup Inc CEO Mike Corbat were the only major CEOs whose was cut. of America Corp CEO Brian Moynihan's compensation surged 25 percent to $20 million, his biggest payday since taking the helm of the in the aftermath of the 2008 financial crisis.

JPMorgan Chase & Co CEO Jamie Dimon and Morgan Stanley CEO James Gorman saw more modest raises of 4 percent and 7 percent, respectively.

shares rose 34 percent last year, thanks largely to a broad rally in U.S. stocks following the Nov. 8 election. Investors are betting that higher interest rates, as well as lighter regulation, lower taxes and faster economic growth promised by Trump will boost profits for lenders.

The reported a 9 percent decline in net revenues for 2016, as a strong second half of the year in which events like Brexit and the U.S. presidential election spurred trading could not make up for a dismal first quarter across Wall Street.

Goldman's return on equity (ROE), a measure that shows how well a uses shareholder money to generate profit, was 9.4 percent for 2016. That was below the 10 percent analysts believe is needed to cover a bank's cost of capital, but above U.S. peers which generated on average a 7.9 percent ROE in 2016.

changed its performance-based awards for executives to reflect the bank's ROE relative to peers.

Chief Financial Officer Harvey Schwartz received total compensation of $20 million in 2016, a decline of 5 percent from the year prior.

(Reporting by Nikhil Subba in Bengaluru and Oilvia Oran in New York; Editing by Anil D'Silva and Jonathan Oatis)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22