The bank earned less money, but his boss is rewarded by higher wages. The Board of Directors of Goldman Sachs, Wall Street flagship, has decided to triple the salary of executive director, Lloyd Blankfein. His pay increases and 600,000 to 2 million (1.47 million).
The generosity of the investment bank does not stop there. It awarded a bonus of $ 12.6 million (92.5 million) to his boss, an increase of 3.6 million. A level still far from its pre-crisis, receiving at the time Blankfein $ 68.5 million bonus, said the New York Times. In the midst of the crisis of 2009, the payment of 9,000,000 stock options to the boss had raised a rare wave of indignation among the public.
The increase in pay Lloyd Blankfein may seem paradoxical, given the year laborious journey by Goldman Sachs.His reputation took a severe blow when the U.S. stock market watchdog, the SEC accused it of misleading customers on certain complex financial products. The bank chose to pay $ 550 million (404 million) to close the case.
The results presented by Lloyd Blankfein has not been brilliant. Earnings fell 37% compared to 2009, to 8.35 billion dollars (6.13 billion euros). But the bank has done relatively better than its competitors who have recovered fast from the financial crisis.
"Cutting bonus
Another reason cited by U.S. media to explain the increase in fat, the mode of remuneration of pundits on Wall Street is changing."Regulators and legislators are pushing financial institutions to raise wages and reduce bonus indexed to their immediate results," says the Wall Street Journal. "They hope it will encourage employees to focus on long-term performance." The strategy of stratospheric bonus is accused of having encouraged traders and bankers to take excessive risks that caused the financial collapse in 2008 and 2009 .
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