Wall Street gravy train resumes journey
The Wall Street gravy train appears to be picking up steam again following the global financial crisis (GFC), with Bloomberg having reported that Goldman Sachs chief executive Lloyd Blankfein has been delivered a doubling in his salary this year – despite the company reporting a 38 per cent decline in profits.
However, the Bloomberg report suggests the gravy train has a fair way to go before it returns Blankfein to his peak pre-GFC salary of US$68 million.
According to today’s report out of the US, Blankfein received share awards of US$12.6 million on top of a US$5.4 million performance-related cash bonus, and a salary of US$600,000.
The Bloomberg report said he also received additional benefits worth US$464,000.
The report also quoted US salary packaging experts as expressing little surprise that Goldman Sachs had returned to “market-based pay arrangements”.
AUTHOR
Mike Taylor
Recommended for you
Despite the government agreeing to replace SOAs with CARs, the FAAA and SIAA believe greater streamlining of documentation is needed for the change to have a positive impact on advisers.
There are “multiple black swan events” threatening the financial advice industry currently, according to the FAAA’s Phil Anderson, potentially running up the compensation bill for advisers.
Former national business growth manager at AMP Advice has taken a new role at Sequoia Financial Group.
With the ESG label often causing confusion among investors, Nanuk Asset Management has encouraged financial advisers to use more plain, specific language with their clients.
