Former Goldman Sachs COO Gary Cohn took a steep pay cut to join President Donald Trump’s administration.
Cohn, who earned a combined salary and bonus of $US7.3 million at Goldman Sachs in 2016, is now making $US30,000 a year as Trump’s director of the National Economic Council — a 99.6% decrease.
The new salary figure is based on an annual report to Congress released Friday detailing compensation of White House staff.
Other high-ranking officials make considerably more. Steve Bannon, a chief strategist to Trump, makes $US179,700, as does senior counselor Kellyanne Conway.
It’s unclear why Cohn’s salary is lower than nearly every other employee listed on the White House payroll, and lower than that of a typical administrative assistant in the US. (They earn a median of about $US34,050, according to the Bureau of Labour Statistics.)
The two previous directors of the National Economic Council, Jeffrey Zients and Eugene Sperling, each earned $US172,200 in Barack Obama’s administration.
But, before you run off to start a GoFundMe for Cohn, bear in mind that before leaving Goldman Sachs, he received an exit package worth at least $US100 million.
Cohn, who spent 26 years at the investment bank, also averaged $US20 million a year in salary, bonus, and stock awards in his last three years at the firm.
Get the latest Goldman Sachs stock price here.
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