Goldman Sachs' Lloyd Blankfein paid $13m for 2010

Blankfein awarded nearly 80,000 shares as a bonus despite a fall in earnings at the bank since 2009

Goldman Sachs chief Lloyd Blankfein, will receive $13.2m (£8.3m) in compensation for 2010, according to a regulatory filing made late on Friday.

Blankfein has been awarded 78,111 Goldman shares as part of his compensation package for 2010. The shares, which are subject to sales restrictions, were worth $12.6m based on Goldman's stock price on Friday. His base salary is $600,000.

The regulatory filing also announced that Blankfein's salary was being raised to $2m. Gary Cohn, the firm's chief operating officer, David Viniar, chief financial officer, Michael Evans and John Weinberg, vice chairmen of the firm, will all have their base salaries raised to $1.85m.

The base salaries of Goldman's 470 partners are all to be increased, the first time Goldman has done this since it went public in 1999. The move is a shift away from Wall Street's traditional pay structure where bankers expect their bonus to constitute the majority of compensation.

In 2007, the year before the financial crisis broke, Blankfein made $68.5m. Amid widespread anger about banker pay Blankfein and his senior executives cut their pay packages to $9m each for 2009.

Goldman recently announced earnings of $8.35bn in 2010, down 37% from 2009.

Goldman and its rivals will fully disclose executive pay packages in the coming months.

Last week Citigroup announced it had awarded chief executive Vikram Pandit $1.75m in salary for 2010. Pandit took $1 in salary after the government's bailout of Citi and pledged to continue working for $1 until the bank was profitable again. It made profits of $10.6bn in 2010.

JP Morgan Chase has yet to announce the pay of its chief, Jamie Dimon, but he is expected to at least match the $17.5m he made last year. Speaking at the World Economic Forum in Davos this week Dimon said criticism of bankers had gone too far. "I just think this constant refrain [of] 'bankers, bankers, bankers,' – it's just a really unproductive and unfair way of treating people … People should just stop doing that," he said.


Dominic Rushe in New York

The GuardianTramp

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