(Bloomberg) -- Wall Street's top leaders are getting smaller pay packages after shares of their companies slumped last year.
Goldman Sachs cut CEO Lloyd C. Blankfein's awards 4.2% to $23 million after the bank's shares fell 7% and profit tumbled 28% in 2015. Morgan Stanley lowered CEO James Gorman's pay by 6.7% to $21 million after the firm missed financial targets and the stock sank 18%, the worst performance among the six biggest banks.
Blankfein, who became CEO in 2006, received restricted shares valued at $14.7 million, half of it tied to future performance, Goldman said last week in a filing. He got about $6.3 million in a cash bonus, a person with knowledge of the payout said. The 61-year-old CEO received a $2 million annual salary and a long-term incentive award that will be disclosed later in the year.
Gorman's pay includes $4.64 million of stock and $1.5 million in salary. Morgan will report other details about the CEO's pay later this year. He unveiled a $1 billion cost-cutting initiative and new leadership of a scaled- back bond-trading unit this month in an attempt to improve returns and placate shareholders. Last year's share decline was the second-worst performance under Gorman, who became CEO in 2010.
FLEMING'S EXIT DATE
Separately, Morgan Stanley disclosed that Greg Fleming, who managed the firm's brokerage until Colm Kelleher was promoted to president this month, will remain an employee until July 6. The company said in a filing that the deferred stock and cash awards of his bonus will vest when he leaves. Fleming also gets access to office space until he departs, and keeps his physician under the company's executive-health plan until year- end.
Last year's top stock performer among the six biggest U.S. banks was J.P. Morgan Chase. The firm boosted CEO Jamie Dimon's pay 35% to $27 million, and tied most of the package to future performance after proxy advisers complained that the firm lacked concrete goals.
Dimon's package includes $20.5 million in performance- linked units, a new pay element tied to future return on tangible capital hurdles. He also got a $5 million cash bonus and a $1.5 million salary. The company's shares climbed 5.5% in 2015, outperforming the 3.5 percent decline of the Standard & Poor's 500 Financials Index.
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