Outgoing Goldman Sachs chief operating officer Gary Cohn will pick up an exit package worth at least $100 million (£79.8 million) as he moves to work for the Trump administration.
Cohn will receive a cash payout of roughly $65 million, according to a document filed by Goldman with the Securities and Exchange Commission.
“Mr. Cohn received a cash payment of approximately $47 million in respect of his LTIP Awards and approximately $18 million in respect of his PSUs.”
The Financial Times reports that Cohn received further compensation in the form of “restricted shares worth a gross $35m.” Goldman also lifted restrictions on a further $23 million worth of shares held by Cohn.
“After taxes, the sum comes to about $106m, according to a person familiar with the arrangement,” the newspaper wrote overnight.
Cohn, who in December said he was leaving Goldman to become an economic adviser to the White House, was forced to divest his holdings in Goldman’s stock to avoid potential conflicts of interest.
Like many senior Goldman executives and longtime partners of the firm, Cohn also holds investments in private equity funds and hedge funds managed by the Wall Street bank.
Cohn, who spent 26 years at Goldman Sachs, was the No. 2 executive at the firm after CEO Lloyd Blankfein. He will become director of the National Economic Council, an advisory role to Trump on US and global economic policy.
“You know, this has been 26 years, literally, I finish my 26th year next week — really hard. I always knew I would say goodbye — everyone has to leave someday — but it’s hard,” Cohn said in a Goldman podcast recorded soon after he announced his departure.
Business Insider Emails & Alerts
Site highlights each day to your inbox.