Falling Earnings Hit Goldman CEO Blankfein’s Pay

NEW YORK (TheStreet) – Goldman Sachs Chief Executive Lloyd Blankfein is set to see his pay fall as the investment bank’s profit and shares were nearly halved in 2011.

Blankfein has been granted a $7 million restricted stock award by Goldman Sachs’s board as part of his annual salary, a drop in his stock earnings of $12.6 million in 2010, according to regulatory filings.

With his base cash salary of $2 million remaining at 2010 levels, Blankfein’s only hope for a pay boost is a large discretionary cash bonus, which would be unveiled in a proxy statement due in the spring. With across the board pay and job cuts at Goldman Sachs to match falling earnings, those prospects are dim at best.

Goldman Sachs CEO and Chairman Lloyd Blankfein

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