Friday 17 March 2017 3:47 pm

Goldman Sachs chief executive Lloyd Blankfein's pay fell to $22m in 2016

Lloyd Blankfein's pay was cut by $1m (£808,000) last year, leaving the Goldman Sachs chief executive with a still sizeable $22m salary.

The $22m total includes $2m in cash, a $4m cash bonus and $16m in performance-related stock units.

Goldman said its compensation committee had decided to reduce pay for its named executive officers by four to six per cent compared to 2015, "in light of, among other factors, the firm's decrease in net revenues compared to 2015, primarily due to the challenging operating environment during the first half of 2016".

The bank reported a nine per cent dip in revenues for last year, although earnings rose by 22 per cent to $6.1bn.

When the 2016 results were released, Blankfein said: "After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved. We continued to manage our expenses carefully and we enter the new year with industry leading positions across our businesses, as well as strong capital and liquidity."

Blankfein's former colleague Gary Cohn was appointed as Donald Trump's main economic adviser in December last year, ahead of the new US President taking office. Cohn was paid $20m last year, as was Michael Sherwood, Goldman's Europe boss, who left the firm in November

Shares in the bank were down 1.5 per cent in early US trading.