NEW YORK - Goldman Sachs Group Inc. chief executive Lloyd Blankfein is getting a $9 million stock bonus for 2009, a modest payday by Wall Street standards that appears aimed at quelling criticism of the bank’s compensation practices.
Blankfein will receive more than 58,000 shares of restricted stock that can’t be cashed in for five years, the bank said in a securities filing yesterday. Blankfein will receive no cash as part of his bonus.
Blankfein’s bonus reflects Wall Street’s changing pay culture. Several banks are paying their chief executives restricted stock and adopting clawback provisions in response to a furor over outsized paydays at financial institutions that helped push the economy into a recession and then later took billions in federal bailouts.
Still, Blankfein led Goldman to a stellar 2009 performance, and some had predicted his bonus would range between $15 million and $20 million.
Earlier yesterday, JPMorgan Chase & Co. said chief executive Jamie Dimon received a $16 million stock bonus, making him the highest paid CEO among the nation’s largest banks that have announced their pay plans.
Morgan Stanley chief executive James P. Gorman received a stock bonus valued at $8.1 million for 2009. Gorman was co-president of the bank for that period.