Goldman Sachs chief takes 35% pay cut - to $12m Lloyd Blankfein, chief executive of Goldman Sachs, saw his remuneration fall from nearly $19m in 2010 after the bank's share price fell 46% and angry shareholders protested at executive pay packages. Photograph: Alessandro Della Valle/EPA Goldman Sachs boss Lloyd Blankfein has fallen on hard times. As the bank's share price tumbled last year, Blankfein took a 35% pay cut - to $12m (£7.5m). Blankfein's pay package was disclosed on Friday in a regulatory filing. His base salary in 2011 was $2m with a cash bonus of $3m and restricted stock valued at $7m. In 2010, Blankfein's total compensation was nearly $19m. Last year Goldman's share price fell 46% and the company sacked 2,400 employees. Angry shareholders rounded on Goldman Sachs at its annual meeting, criticising Blankfein and others for their outsized pay packages. His latest pay deal is a far cry from his record-setting $67.9m package in 2007 but it is a huge improvement on his compensation package for 2008, when Blankfein and six other senior officers were awarded no bonuses. All in all, it wasn't such a bad year for Blankfein. Financial watchdog the Securities and Exchange Commission requires that the company also discloses awards received during 2011 for an executive's performance in prior years. Adding in awards from previous years, Blankfein received a total of $16.2m in 2011. As the bank prepares for this year's annual meeting on 24 May, it appears to be heading off critics at the pass. It has begun negotiating with dissident shareholders in the hope of avoiding PR disasters like last year's attack by angry nuns. The Goldman boss's pay deal falls squarely in the middle of those of his peers. Blankfein's pay compares with a $23m package for JP Morgan chief Jamie Dimon, $15m for Citigroup boss Vikram Pandit and $10.5m awarded to Morgan Stanley chairman and chief executive James Gorman. The bank will release first-quarter results next Tuesday. On Friday arch-rival JP Morgan announced better than expected results as investment banking revenues bounced back and business at the bank's mortgage-lending arm took off. Bank bosses have slipped down the pay league since the financial crisis devastated their industry and reputation. While overall chief executive pay roared back in 2010 with America's top bosses enjoying pay rises of between 27% and 40%, according to GMI Ratings' survey of US chief executive pay, bankers failed to make the top 10 in the poll. Healthcare industry executives emerged as the new pay kings. Top earner John Hammergren at McKesson, the world's largest healthcare firm, made $145,266,91 - most of it from stock options.