Goldman Sachs paid its two co-presidents, Gary Cohn and Jon Winkelried, $67.5 million each in salary, bonus and stock awards last year, just below the $68.5 million paid to Lloyd Blankfein, Goldman chief executive.
The amounts paid to Goldman's co-presidents far outstrip pay for other Wall Street chief executives, reflecting Goldman's strong performance last year even as other groups suffered big losses in the credit crisis.
Mr Blankfein's pay, initially disclosed in December, was up from $54 million in 2006. Mr Cohn, former co-head of global sales and trading, received $53 million in 2006, as did Mr Winkelried, who spent much of his career in Goldman's fixed-income trading unit.
"Our financial performance was very strong relative to our core competitor group," Goldman said in a filing yesterday.
Mr Blankfein elevated Mr Winkelried and Mr Cohn to their roles after taking over as chief executive in summer 2006. Goldman's earnings rose 21 per cent to $11.6 billion last year after it avoided big subprime mortgage losses, and its pay and benefits bill increased 23 per cent to $20.2 billion.
Mr Blankfein's package contrasts with the fate of many of his Wall Street counterparts, who have paid the price for big writedowns on mortgage-related holdings. Chuck Prince and Stan O'Neal, the former heads of Citigroup and Merrill Lynch respectively, both lost their jobs, while John Mack, of Morgan Stanley, and Jimmy Cayne, of Bear Stearns, have waived bonuses which were $40 million last year.
Mr Cayne retired as chief executive of Bear, but remains its chairman. Dick Fuld, chairman and chief executive of Lehman Brothers, received a $35 million bonus for 2007.
David Viniar, Goldman's chief financial officer, received $57.5 million for 2007 and Edward Forst, chief administrative officer and head of the investment management business, earned $44 million.
Disclosure of the figures came on the day several financial industry executives testified before a congressional panel in Washington looking into pay at some of the companies embroiled in the mortgage crisis.
Goldman has little to defend, having made an early bet against the subprime mortgage market that helped lift profits. Goldman shares rose about 9 per cent last year but are down 26 per cent this year as investors fear the impact of a slowing economy.
