Goldman Sachs CEO's pay drops 18 pct to $13.3M

[April 13, 2013]  NEW YORK (AP) -- Goldman Sachs Chairman and CEO Lloyd Blankfein's total compensation fell 18 percent last year to $13.3 million as the value of his stock awards fell by half.

But Blankfein's cash bonus rose 90 percent, to $5.7 million, as the bank's profits soared, according to a regulatory filing on Friday. Stock awards, which were granted in February 2012 but reflect services from 2011, were valued at $5.27 million, down from the $10.71 million awarded in 2011.

Blankfein, 58, has been chairman and CEO since 2006, and has spent more than 30 years at Goldman. Last year, he oversaw a 41 percent gain in Goldman's stock price. Profit nearly tripled from 2011, even as the bank dealt with lower levels of market activity, leading Goldman to cut jobs and expenses.

Blankfein's salary remained at $2 million. He also received $323,514 in other compensation, including $115,894 for security services, and $47,467 for a car and driver, according to the New York bank's filing with the Securities and Exchange Commission.

Goldman said it believes security for its top executives "is required in light of the current environment," and that it considers the services "business-related necessities due to the high-profile standing" of its executives.

One of the longest-serving Wall Street CEOs, Blankfein has testified before Congress and campaigned for same-sex marriage.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

[Associated Press]

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