Saturday, January 23, 2016
Goldman Sachs CEO Lloyd Blankfein Takes $1,000,000 Pay Cut!
As the result of a somewhat tortured year on Wall Street, Goldman Sachs CEO Lloyd Blankfein has had his compensation reduced by a whopping ONE MILLION DOLLARS! For his services to the big bank the balding 61 year-old executive will receive a paltry $23 million in salary, stock and bonuses, as opposed to $24 million in 2014, a 4% reduction. In 2007 the feisty banker was awarded $70 million so times are indeed tough in the lower Manhattan financial jungle, even for a billionaire.
Goldman Sachs shares dropped 7% in 2015 and profits went down 31%. Company profits were a little less than $6 billion.