Goldman Sachs CEO Blankfein's pay climbed by 50 percent to $19.9 million last year

Associated Press + More

By STEVE ROTHWELL, AP Business Writer

NEW YORK (AP) — Goldman Sachs Chairman and CEO Lloyd Blankfein's total compensation rose by almost 50 percent to $19.9 million last year, boosted by the value of his stock awards.

The value of Blankfein's stock awards more than doubled from $5.3 million to $11.3 million. Goldman's stock rose 39 percent in 2013 as the bank's profits climbed. The executive's cash bonus also increased, climbing 11 percent to $6.3 million.

Blankfein has been chairman and CEO since 2006, and has spent more than 30 years at Goldman. His base salary remained unchanged at $2 million from a year earlier. The bank's earnings rose about 9 percent last year as its investment banking revenues improved.

He also received $323,759 in other compensation, including $43,804 for a car and driver, according to a regulatory filing the bank made Friday.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest that the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

The value that a company assigned to an executive's stock and option awards was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options.

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