Gary Cohn's White House salary is below nearly every other high ranking staffer

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.

NOW WATCH: RICHARD GREENFIELD: I am bullish on Twitter and would be shocked if it wasn’t bought within two years

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.