NEW YORK (

TheStreet

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Goldman Sachs

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Chief Executive Lloyd Blankfein is set to see his pay fall as the investment bank's profit and shares were nearly halved in 2011.

Blankfein has been granted a $7 million restricted stock award by Goldman Sachs's board as part of his annual salary, a drop in his stock earnings of $12.6 million in 2010, according to regulatory filings.

With his base cash salary of $2 million remaining at 2010 levels, Blankfein's only hope for a pay boost is a large discretionary cash bonus, which would be unveiled in a proxy statement due in the spring. With across the board pay and job cuts at Goldman Sachs to match falling earnings, those prospects are dim at best.

Goldman Sachs CEO and Chairman Lloyd Blankfein

A regulatory filing on Feb. 1 also showed that Goldman president Gary D. Cohn and the firm's CFO David A. Viniar also received stock packages of $7 million.

Overall, Goldman Sachs cut pay by 21% and got rid of 2,400 jobs in 2011 as low trading and deal volumes, in addition to regulatory reforms cut into earnings.

Goldman Sachs's 2010 pay package was approved by 73% of shareholders at the firm's May annual meeting, a drop from a 96% approval rate the prior year. In 2010, Blankfein earned a $5.4 million cash bonus, his first post-crisis cash grant.

In 2007, Blankfein took home a $27 million cash bonus as part of an overall compensation package worth $68.5 million in cash and stock.

At the urging of regulators, Goldman Sachs and other investment banks have cut cash compensation as a percentage to total pay to better align senior management with the long-term interests of shareholders. Currently, a clause in the 2010

Dodd-Frank Wall Street Reform and Consumer Protection Act

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allows companies to claw back discretionary pay from executives in the event of an earnings restatement.

JPMorgan's

(JPM) - Get Report

Chief Executive Jamie Dimon earned $17.3 million in restricted stock and options in 2011, slightly down from 2010 levels of $17.4 milion, according to a regulatory filing.

Morgan Stanley's

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CEO James Gorman is set to earn $10.5 million a 25% drop from 2010, according to

Bloomberg

reports.

In January, Goldman Sachs reported a better than expected profit of $1.84 a share for its fiscal fourth quarter, even as revenue of $6.05 billion missed the consensus view of $6.54 billion, according to

Thomson Reuters

data. The earnings beat reflected a 21% fall in 2011 compensation expense.

For more on Goldman Sachs shares, see

10 financial stocks with double digit gains in 2012

.

-- Written by Antoine Gara in New York