Lloyd Blankfein, once Wall Street’s highest-paid chief executive officer, fell behind some of his rivals for a second year in a row.
Bloomberg News reports that the Goldman Sachs boosted Blankfein’s pay 9% to $24 million for 2017, the New York-based company said in a filing made public Friday, putting him behind both Jamie Dimon at JPMorgan Chase and Morgan Stanley’s James Gorman.
Blankfein presided over a 30% decline in fixed-income trading revenue last year as the commodities division dragged down results. The CEO still managed to increase revenue in 2017 by relying on other businesses to pick up the slack, such as investment banking and asset management. Goldman Sachs’s market value fell below Morgan Stanley’s last month, snapping a 4,105-day streak that started in 2006.
Blankfein received a $2 million salary as well as variable compensation consisting of $17.6 million in performance-linked restricted stock and $4.4 million in cash, the filing shows.
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