Five senior executives at Goldman Sachs received bonuses totaling $305m with Lloyd Blankfein, chairman and chief executive, Gary Cohn and Jon Winkelried, presidents and chief operating officers, each receiving more than $66.9m.Blankfein received a bonus of $67.9m, a record for the chief executive of a Wall Street bank, in addition to his salary of $600,000 according to Goldman’s proxy statement.
Cohn and Winkelried each received bonuses of $66.9m. David Viniar, chief financial officer, was awarded a bonus of $56.9m and Edward Forst, chief administrative officer, was paid a bonus of $43.4m.
Mr. Cohn, 47, and Mr. Winkelried, 48, received 40 percent of their compensation in cash and 60 percent in restricted stock and options, Goldman said in latest proxy filing
The filing said: “At the time the committee made compensation decisions, our financial performance was very strong relative to our core competitor group in terms of year-on-year growth in net revenues, net earnings and earnings per share. Based on final 2007 results, we had the highest growth in the group for each of these measures.”
Mr Blankfein's pay, initially disclosed in December, was up from $54m in 2006. Mr Cohn, former co-head of global sales and trading, received $53m in 2006, as did Mr Winkelried, who spent much of his career in Goldman's fixed income trading unit.
Mr Blankfein elevated Mr Winkelried and Mr Cohn to their co-president roles after taking over as chief executive in the summer of 2006.
Goldman's earnings rose 21 per cent to $11.6bn last year after it avoided big subprime mortgage losses, and its pay and benefits bill increased 23 per cent to $20.2bn.
Executives who got $XXX millions need to do something with it. In theory, they could hire a manager for their investing, that they will be severely “distracted” from their paid job to invest in their own pet projects.
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