Lloyd Blankfein Is About To Get A $24 Million Payday

Lloyd Blankfein and other high-ranking Goldman Sachs execs will pocket about $111.3 million in stock in January in a delayed payoff from last year and their 2007 bonuses, Bloomberg reported.

Of the prize pool, Blankfein is supposed to take home $24.3 million.

President Gary Cohn will get about $24 million.

From Bloomberg,.

The payouts, just a portion of the $67.9 million bonus awarded to Blankfein for 2007 and the $66.9 million paid to Cohn, reflect a 24 per cent decline in the stock’s value since it was granted at $218.86.

Through the first nine months of 2010, Goldman Sachs set aside $13.1 billion to cover compensation and benefits expenses, or enough to pay each of its 35,400 employees $370,706 apiece. That’s down from an average $527,192 per employee a year earlier.

Neither Blankfein or Cohn took bonuses in 2009 – when the company posted a $13.4 billion record profit – and the members of the bank’s management committee were to receive only restricted stock for their year-end compensation. This year, however, no such announcement has been made.

Other Goldman winners in January will be:

  • CFO David Viniar: $21.3 million
  • Former co-president Jon Winkelried: $20.8 million
  • Former co-head of investment management, Edward C. Forst: $14.3 million

Other bankers who are getting delayed bonus payouts in the new year are:

  • JPMorgan CEO Jamie Dimon: $6.8 million worth of shares from ’07
  • Former Morgan Stanley CEO John Mack: $5.4 million of previously vested shares from ’05 (he didn’t take a bonus in ’07, ’08 or ’09)

Blankfein, Cohn, Winkelried and Viniar have to keep 90 per cent of their shares until the firm pays back the $5 billion loan from Berkshire Hathaway or Oct. 11 next year – whichever comes first.

For more details go to Bloomberg >

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