Top employees at Goldman Sachs ( GS) received a massive pay raise despite widespread criticism over the bank's practices and a drop in overall profits, the The Guardian reported on Jan. 30.
The UK paper said despite a 38% drop in profits at Goldman Sachs, head of British and European operations Michael Sherwood is receiving a stock award worth $14.4 million, up 60% from last year. The Guardian said Goldman Sachs did not say if Sherwood received a cash bonus. The report said Goldman CEO Lloyd Blankfein could be getting a pay raise that's even more shocking. The Guardian reported that Blankfein's base pay in 2011 is expected to increase by 233% to $2 million, from $600,000. Last year, the Blankfein received a stock award of almost $13 million, an increase from $9 million the year before, according to the report.