Goldman's vice chairman sells stock, options for $13.2 million

Mon Nov 26, 2012 10:56pm EST
 
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(Reuters) - The vice chairman of Goldman Sachs Group Inc (GS.N: Quote), J. Michael Evans, sold shares and exercised stock options that fetched about $13.2 million, according to a regulatory filing on Monday.

The stock and option sales by Evans comes after Goldman completed most of a cost-saving program that aims to reduce annual expenses by $1.9 billion by cutting staff and other non-compensation expenses.

Evans exercised 65,408 options granted 10 years ago, which were set to expire this month, and separately sold 90,000 shares, according to a filing made with the U.S. Securities and Exchange Commission (SEC).

The options were exercised at a price of $78.87, and the shares were sold at average prices ranging from $119.32 to about$119.84.

After the sales, Evans continues to own 613,284 shares of Goldman stock, the filing showed. Goldman shares on Monday rose 0.5 percent to $120.94.

A Goldman spokesman declined to comment on the company's SEC filing.

Goldman has set aside $10.97 billion for compensation so far this year, a 10 percent increase from a year ago. That equates to $336,442 per employee, up 15 percent from $292,836 per worker during the first nine months of 2011.

(Reporting by Lynn Adler and Sakthi Prasad; Editing by Matt Driskill)