2017-03-17 —

Goldman Sachs Group Inc. reduced Chief Executive Officer Lloyd Blankfein's compensation 27 percent, awarding him $22 million for 2016 after eliminating a long-term incentive award.


Goldman Sachs redesigned its compensation structure for 2016 after investors complained that the long-term incentive was overly complex. The bank also changed the performance-based awards to reflect the company's relative performance. The changes came after an advisory vote on pay at last year's annual meeting received the least support since such votes were instituted in 2009.

Blankfein becomes the third-highest paid CEO of the six largest U.S. banks. JPMorgan Chase & Co.'s Jamie Dimon received $28 million; Morgan Stanley's James Gorman $22.5 million; Bank of America Corp. Brian T. Moynihan $20 million; and Citigroup Inc.'s Mike Corbat $15.5 million. Wells Fargo & Co.'s Tim Sloan, who became CEO in October, got $12.8 million.

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