Lloyd Blankfein is getting a pay raise.
Shortly after announcing a jump in quarterly profit, Goldman Sachs on Friday disclosed that the board had granted Mr. Blankfein, the bank’s chief executive and chairman, restricted stock valued at $13.3 million for 2012, according to a regulatory filing. That’s nearly double his stock award the previous year.
With a $2 million base salary, Mr. Blankfein’s 2012 pay package so far totals more than $15 million. Goldman has not yet revealed the size of his cash bonus, a detail likely to emerge when the company files its proxy statement in the spring.
A person briefed on Mr. Blankfein’s pay package said the bank is expected to follow the same formula used last year for calculating his cash bonus. Under that plan, Mr. Blankfein would take home a nearly $6 million bonus, bringing his total compensation to $21 million. The award ould represent a significant jump from 2011, when Mr. Blankfein earned $12 million in total pay.
The directors this week also handed out a $12 million stock package to Gary D. Cohn, the bank’s president, along with his $1.8 million base salary. The value of the stock awards is based on the company’s $141 share price as of Thursday’s close.
Even with the raise, Mr. Blankfein’s payday is a far cry from his lavish compensation before the financial crisis. In 2007, Mr. Blankfein made some $69 million, in an apparent record for executives at big Wall Street banks.
When the crisis hit and Goldman struggled, Mr. Blankefin briefly lost his cash bonus. After that, Jamie Dimon, the head of JPMorgan Chase, replaced him as the best paid bank chief.
But for the first time since the crisis, Mr. Blankfein out-earned Mr. Dimon. After JPMorgan suffered an embarrassing $6 billion trading loss last year, the bank’s board this week halved Mr. Dimon’s total compensation for 2012, down ! to $11.5 million.
Mr. Blankfein’s fortunes have risen with the firm’s. Goldman this week reported a fourth-quarter profit of $2.89 billion, or $5.60 a share, up from last year and well ahead of analysts’ expectations. The firm’s annual return on equity, a crucial measure of profitability, jumped to 10.7 percent.
Mr. Blankfein was not the only one to benefit. The average Goldman employee earned $399,506 last year, up from $365,000 in 2011.
