Goldman Sachs - Lloyd Blankfein Must Be A Happy Chappy

Goldman Sachs has awarded CEO Lloyd Blankfein a $5m cash bonus to be paid out in three years if he meets certain targets, on top of $21m in 2012 compensation.

Bloomberg reports that the long-term incentive was $3m last year and $7m in 2011 when the program began, the New York-based bank said in a filing last week.

The awards can shrink or grow depending on whether the firm achieves a 10% average return on equity and 7% average increase in book value per share.

Goldman's plan gives the board’s compensation committee, led by former Fannie Mae CEO James A. Johnson, the power to change the awards to so-called named executive officers, or NEOs.

'Our compensation committee may also, in its sole discretion based on its assessment of an individual NEO’s performance, adjust the amounts that may be paid under this award', according to the filing, which says the committee can give from zero to 150% of the amount due.

Hit the link immediately below to access the complete Bloomberg article:

Goldman Sachs Gives Blankfein $5 Million Long-Term Incentive

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