Goldman boss looks good for big payout on departure

Pot of Gold

Lloyd Blankfein could get as much as $84.7 million in compensation when he departs Goldman Sachs Group Inc. in October after 36 years at the investment bank.

Bloomberg News reports that Blankfein, 63, who’s been chief executive officer since 2006, will receive the bulk of that pay in performance-based shares and cash awards that were to be earned through 2024. It’s unclear if these awards will be accelerated, prorated or forfeited when he leaves because Goldman Sachs doesn’t have employment agreements that guarantee severance payments, according to its 2016 proxy.

Blankfein will be succeeded as CEO on Oct. 1 by David Solomon, 56, the firm said Tuesday in a statement. He will relinquish his role as chairman at year-end. 

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

Lloyd Blankfein Poised for $85 Million Payout When He Leaves Goldman

Goldman Trading Rebound Falls Short While Blankfein Era Winds Down

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News