Lloyd Blankfein, chief executive of Goldman Sachs, has been handed an extra £3.4m cash bonus, taking his total pay for last year to almost £12m.
The payout raises further questions about bankers’ remuneration. Regulators around the world are forcing curbs on cash payments.
The £3.4m award is the first cash payout Blankfein has received since the start of the financial crisis. At least five of Goldman’s top executives have been paid the same amount in cash, according to documents published on its website.
Part of Blankfein’s pay was disclosed in January. He was given share awards worth £7.9m and a 330% rise in his basic salary, to £1.2m. The £3.4m cash bonus is in addition. The increased pay package comes in spite of a drop in the company’s profits, and its share price.
The documents also revealed that Blankfein received a separate £17m in 2010 from investments he made in funds managed by the bank.
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The filings did not disclose further details about the pay of Michael Sherwood, co-head of its London office, who was awarded a £9m bonus in deferred shares earlier this year.
Goldman’s senior executives are some of the highest-paid in the world. In 2008, the year that Lehman Brothers collapsed, Blankfein was awarded more than £20m in share awards and stock options.