Here’s what Goldman Sachs paid CEO Lloyd Blankfein to make sure he stays motivated

Gary Cohn Lloyd Blankfein
Goldman Sachs CEO Lloyd Blankfein. Goldman Sachs

Goldman Sachs CEO Lloyd Blankfein was awarded a $7 million long-term incentive plan in 2015, according to the firm’s annual proxy report.

Blankfein will receive the performance-based bonus over the next 8 years provided the bank meets certain targets.

If Blankfein ultimately meets the targets and receives the full bonus, it would boost his total 2015 compensation to $30 million — down $1 million from 2014.

His 2015 pay also included $2 million in base salary, $6.3 million in cash bonus, and $14.7 million in stock, Business Insider reported in January.

The $30 million number would make Blankfein the highest-paid US bank CEO for the fourth year in a row, according to Bloomberg.

Blankfein also released his annual letter to shareholders on Friday.

Read the full annual proxy report here.

NOW WATCH: No one seems to want to buy Lloyd Blankfein’s stunning Hamptons home