Blankfein’s bonus doubles

GOLDMAN Sachs doubled its chief executive Lloyd Blankfein’s annual bonus for 2010, awarding him $18m (£11.2m) in cash and shares.

Blankfein received the pay-out, which included $5.4m in cash and restricted shares valued at $12.6m, after a rollercoaster year for the bank.

He steered Goldman through the twin challenges of weaker trading and a $550m fine to settle civil charges from the US Securities and Exchange Commission. His salary for 2011 has been increased to $2m from $600,000 in 2010.

Goldman’s board said executive pay was based in part on how well the bank performed in comparison to competitors.

“Our performance over the last three-year period was strong, particularly in relation to our competitors: Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley,” the bank said.