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Goldman Sachs and Morgan Stanley cut CEOs' pay

At Goldman, pay also dips for executives Harvey Schwartz, Gary Cohn and London-based Michael Sherwood

Lloyd Blankfein of Goldman earned a salary and bonus of $23 million
Lloyd Blankfein of Goldman earned a salary and bonus of $23 million Photo: Getty Images

Goldman Sachs and Morgan Stanley cut the annual pay for their chief executives after slumping markets dented the Wall-Street firms’ profits in 2015.

Lloyd Blankfein, Goldman Sachs's chairman and CEO, earned a salary and bonus of $23 million for his 2015 performance, down 4% from his $24 million award a year earlier, a person familiar with the matter said.

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