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The Boston Globe

Business

Pay for Goldman CEO drops to $12m in 2011

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Pay for Goldman Sachs’ chief executive, Lloyd C. Blankfein, fell 35 percent to $12 million last year, when the firm’s stock tumbled 46.2 percent. Blankfein’s pay, disclosed Friday in a regulatory filing, includes a salary of $2 million, a cash bonus of $3 million, and restricted stock valued at $7 million. In 2010, Blankfein received nearly $19 million, which included a $5.4 million cash bonus and stock currently valued at $7 million.

Goldman Sachs’ stock plummeted and it struggled to post profits close to its previous years. Last year, the financial firm earned $4.4 billion, down 47 percent from the previous year. Its return on equity, a crucial measure of performance, fell to 3.7 percent, from 32.7 percent in 2007.

“Throughout 2011, our firm’s performance was challenged by instability in the euro zone, depressed client activity, and regulatory uncertainty,’’ Blankfein said in a note to shareholders included in the regulatory filing.

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