November 29, 2012 / 4:15 AM / in 5 years

Goldman's Blankfein nets $2.8 mln after exercising stock options

Nov 28 (Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein exercised company stock options that netted about $2.8 million, joining several top executives at the bank cashing in on options in recent days ahead of an expiry, a regulatory filing showed.

Goldman President and Chief Operating Officer Gary Cohn and Vice Chairman Michael Sherwood also exercised stock options that earned Cohn about $3.6 million and Sherwood about $517,000.

On Monday, Vice Chairman and Global Head of Growth Markets J. Michael Evans sold shares and exercised stock options that fetched about $13.2 million.

The executives are exercising stock options granted a decade ago that expire this month. Blankfein had already netted $3.1 million by exercising options and selling shares in October after Goldman reported better-than-expected earnings.

Blankfein exercised 68,834 options granted 10 years ago, which were set to expire this month, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday.

The options were exercised at a price of $78.87, and the shares were sold at average prices ranging from $117.12 to about $120.77, according to the filing.

The stock and option sales by the Goldman top executives follow Goldman’s completion of most of a cost-saving program that aims to reduce annual expenses by $1.9 billion by cutting staff and non-compensation expenses.

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