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Entries in Lloyd Blankfein (4)

Tuesday
Feb072012

Goldman Sachs CEO, Executives to Get Smaller Bonuses This Year

Jin Lee/Bloomberg via Getty Images(NEW YORK) -- Goldman Sachs CEO Lloyd Blankfein's bonus will be cut to $7 million this year from $12.6 million the year before, according to Equilar, an executive compensation data firm.  Goldman's heaviest hitters, as a group, will see their bonuses reduced by almost half.  They are but the most recent group of traders to feel the bite of Wall Street pay cuts.

Consulting firm Options Group had predicted as much in a November report, saying it expected to see compensation at the biggest Wall Street banks sink by 27 percent to 30 percent to the lowest levels seen since the 2008 financial crisis.

"Obviously this is not a good year for Wall Street compensation and an awful lot of the pressure is going to fall on managing directors," said Brad Hintz, research analyst with Sanford C. Bernstein & Co.  Bankers in the fixed income market and in credit trading, he said, would be hit hardest.

Goldman's earnings fell 58 percent in the last quarter of 2011.  Revenue was lower than expected.  Blankenfein in a January statement said the bank's results were the result of "global macro-economic concerns which significantly affected our clients' risk tolerance and willingness to transact."

In January, investment bankers at Bank of America were told to expect compensation cuts of up to 25 percent, according to Bloomberg.

Bank of America reported earnings of $2 billion in the last three months of 2011, up from a net loss of $1.2 billion in the same period a year ago, boosted in part from a one-time gain on the sale of China Construction Bank. During a conference call last week, Bank of America's CEO Brian Moynihan revealed the failed plan to impose a $5 debit card monthly fee contributed to a 20 percent increase in closed accounts in the last three months of 2011.

The top executives at JPMorgan Chase, Citigroup, and Morgan Stanley also received stock award pay cuts of 15 to 25 percent after the banking giants' shares took a beating in 2011. But like the heads of the United Auto Workers union after GM and Chrysler took bailouts, banking execs' pay packages are still eye-popping considering their companies were bailed out few years ago.

Copyright 2012 ABC News Radio

Monday
Feb062012

Goldman Sachs CEO Lloyd Blankfein in Same-Sex Marriage Ad

Andrew Harrer/Bloomberg via Getty Images(NEW YORK) -- Goldman Sachs’ Lloyd Blankfein has become the first major CEO to lend his support to the Americans for Marriage Equality campaign promoting same-sex marriage.

In a 30-second video, Blankfein says, “America’s corporations learned long ago that equality is just good business and is the right thing to do.”

The Human Rights Campaign released the video on Monday via its website and YouTube.

Blankfein’s ad is the twelfth video for the campaign, which has included notable figures including New York Giants’ owner Steve Tisch, actor John Leguizamo and NFL Cleveland Browns’ linebacker Scott Fujita.

Investment bank Goldman Sachs, based in New York City, has a non-discrimination policy in place that includes sexual orientation.

The Human Rights Campaign launched Americans for Marriage Equality in October 2011 with Mayor Cory Booker of Newark, N.J.

Copyright 2012 ABC News Radio

Friday
Sep302011

Hackers Post Goldman Sachs CEO Lloyd Blankfein’s Info

Jin Lee/Bloomberg via Getty Image(NEW YORK) -- Hackers have posted personal information of Goldman Sachs' CEO Lloyd Blankfein online.

The group, identifying themselves as CabinCr3w, posted Blankefein’s recent addresses, age, litigation involvement, and other non-sensitive information on the website Pastebin. The information can be searched in public documents, but it was nevertheless deleted by Wednesday morning, CNET reported.

The group did not explain why it had targeted Goldman Sachs, one of the most prominent investment banks in the world.  A spokesman for Goldman Sachs declined to comment to ABC News.

Before the incident with Blankfein, CabinCr3w released information about a police officer, Anthony Bologna, who allegedly maced a group of women during the "Occupy Wall Street" protests.

The ongoing demonstration on Wall Street, which began on Sept. 17, have grown to include celebrities such as actress Susan Sarandon and documentary filmmaker Michael Moore.

Hundreds of people first gathered at Bowling Green Park in Manhattan -- home of the iconic charging bull in New York’s Financial District -- to protest "against financial greed and corruption," according to the group's website.

Copyright 2011 ABC News Radio

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







ABC News Radio