Updated, 5:32 p.m. |
Lloyd C. Blankfein, the chief executive of Goldman Sachs, is a bit richer this year.
The company’s board granted Mr. Blankfein 88,422 restricted stock units as part of his pay package for his work in 2013, according to a filing made public on Thursday.
Those shares were worth $14.7 million as of Tuesday, the day he received the grant. Last year, Goldman granted Mr. Blankfein $13.3 million worth of stock for performance during the bank’s 2012 fiscal year. Mr. Blankfein, however, will generally be restricted from selling the stock until 2019, and the shares will be doled out over three years.
Goldman will disclose the cash portion of Mr. Blankfein’s bonus in the coming weeks. Mr. Blankfein and other senior executives are typically awarded a 70-30 split between stock an cash. If that holds true, Mr. Blankfein’s cash award is likely to be around $6 million.
Goldman Sachs on Thursday declined to comment on the cash portion.
Including Mr. Blankfein’s salary of about $2 million, his total compensation for 2013 will probably be around $23 million, up slightly from $21 million in 2012.
Goldman Sachs’s stock price has shot up more than 40 percent in 2013, despite the choppy performance of its fixed-income unit and uncertainties around tightening banking regulations.
Mr. Blankfein’s increased pay is moderate compared with other bank chiefs. James P. Gorman, the chief executive of Morgan Stanley, nearly doubled his stock award in 2013.
Jamie Dimon, the chief executive of JPMorgan Chase, got a 74 percent raise in pay for 2013. However, in the previous year, JPMorgan’s board had significantly slashed Mr. Dimon’s compensation to $11.5 million in the wake of a multibillion-dollar trading blunder known as the London Whale.
This post has been revised to reflect the following correction:
Correction: January 30, 2014
Because of an editing error, an earlier version of the headline in this article misstated the size of Lloyd Blankfein's stock grant. It was $14.7 million, not $14.7 billion.
