Finance Forex

Goldman says 1MDB scandal could hit pay for top execs, including Lloyd Blankfein

Goldman Says 1MDB Scandal Could Hit Pay For Top Execs, Including Lloyd Blankfein post is one as concers this Finance, Forex groups, posted at our writer Erick Emerson on February 1, 2019, the paragraph can search over this tags list 1MDB, Blankfein, execs, Goldman, Hit, including, Lloyd, Pay, Scandal, Top. I'm blissful to happy you along with providing those other part from finance moreover I am always writting that post everyday.

The scandal around a corrupt Malaysian investment fund could cost former Goldman Sachs Group Inc. chief Lloyd Blankfein, and other Goldman executives, millions of dollars in pay, the bank said Friday.

Goldman’s board of directors won’t—for now—pay out deferred bonuses that Blankfein and two other top executives earned in prior years, and will instead await the outcome of an investigation into Goldman’s work for the fund, known as 1MDB, according to a securities filing Friday and a person familiar with the matter.

The board also said it reserved the right to claw back 2018 pay from top executives serving as of year-end, which would include new Chief Executive David Solomon and his team.

Of the $6.5 billion Goldman raised for 1MDB, prosecutors allege $2.7 billion was stolen by a Malaysian financier and two former Goldman bankers. Goldman faces potentially large fines and a reputational black eye. The bank also has been laying out its case to regulators to avoid criminal charges, people familiar with the matter said.

Blankfein, who retired as Goldman’s CEO Oct. 1, was paid $20.5 million in 2018, according to Friday’s filing. That’s down from the $24 million he earned the year before.

An expanded version of this report appears at WSJ.com.

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