Goldman Sachs awarded Lloyd Blankfein $24 million in compensation for 2014, a 4.3 percent increase from a year earlier.
Blankfein, chairman and CEO, saw his base pay remain unchanged at $2 million but his cash bonus increased by $1 million, to $7.33 million, according to a Friday regulatory filing.
The raise was expected and was tipped by the company earlier this year.
Blankfein, 60, could also pocket an additional $7 million in long-term compensation from 2015-to-2022 if Goldman's average return on equity is greater than 11 percent over the next two years.
Last year, Goldman's shares grew by 9.9 percent, less than half of Morgan Stanley's 25 percent gain. the S&P 500 grew by 11.8 percent in 2014.
Goldman's annual shareholder meeting will take place on May 21 in San Francisco, the company said in the filing.
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