£ IN THE MONEY

Lloyd Blankfein, 61 Chairman and chief executive of Goldman Sachs

GOLDMAN Sachs has imposed a £700,000 pay cut on boss Lloyd Blankfein – but the 61year-old still earned £16.2m last year.

Married father-of-three Blankfein saw his bonus cut to £14.8m from £15.5m after presiding over a slump in income.

His base salary remained unchanged at £1.4m.

Goldman posted pre-tax profits of £6.2bn for 2015, down £2.5bn from the previous year.

The investment bank was hit by £ 3.5bn of legal expenses due to the selling of toxic mortgages during the financial crisis. Falling oil prices and global market uncertainty also ate into revenues.

Executive pay at Goldman is being cut by between 4pc and 5pc.