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Saturday
Jan292011

Goldman Sachs CEO Gets Big Pay Raise

Photo Courtesy - Getty Images(NEW YORK) -- The chairman and CEO of Goldman Sachs, Lloyd Blankfein, has received a hefty pay raise.

Blankfein’s salary was increased from $600,000 to $2 million at the beginning of the year, according to company filings. The Goldman Sachs boss has also been awarded $12.6 million in company stock, a 42 percent increase compared to the stock bonus Blankfein received the previous year.

The raise and stock award comes after the company recorded $8.35 billion in profit in 2010, a 38 percent decrease compared to the profit figure recorded in 2009.

The troubled global economy forced banks to cut back on bonuses in 2008 and 2009, but it appears banks aren’t holding back anymore. CEOs at Citigroup, Morgan Stanley and JPMorgan Chase & Co. have all recently received similar pay increases.

Copyright 2011 ABC News Radio

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