Ex-Goldman chairman ‘appalled’ at pay

John C. Whitehead said he is outraged by the excessive compensation given to Wall Street top execs.
MAY 17, 2007
By  Bloomberg
An ex-Goldman Sachs Group Inc. co-chairman is outraged by the excessive compensation given to Wall Street top execs. "I'm appalled at the salaries," said John C. Whitehead, the retired Goldman chairman said in an interview with Bloomberg News. And Goldman, which paid chairman and chief executive Lloyd Blankfein $54 million last year, is among the worst offenders. ``They're the leaders in this outrageous increase,'' he said. Last year, the five biggest Wall Street firms paid a record $36 billion of bonuses, more than $200,000 per employee, according to the report. Mr. Blankfein out-earned all of his counterparts on the street. His co-presidents Gary Cohn and Jon Winkelried, each received $53 million, including cash bonuses of $26.7 million. Mr. Whitehead said that Goldman should take the lead in curbing bonuses, even if that means losing some valued employees. Mr. Whitehead left the firm in 1984 and now chairs its charitable foundation.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.