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| Version 0 | Version 1 |
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| No cash bonuses at Goldman Sachs | No cash bonuses at Goldman Sachs |
| (10 minutes later) | |
| US bank Goldman Sachs has said that its 30 top executives will not receive any cash bonuses in 2009. | US bank Goldman Sachs has said that its 30 top executives will not receive any cash bonuses in 2009. |
| All bonuses will be in the form of restricted shares, which cannot be sold for five years. | |
| The new policy is aimed at discouraging excessive risk-taking in the wake of the global financial crisis. | The new policy is aimed at discouraging excessive risk-taking in the wake of the global financial crisis. |
| Goldman said it believed its compensation policy "incentivises behaviour that is in the public's and our shareholders' best interests". | Goldman said it believed its compensation policy "incentivises behaviour that is in the public's and our shareholders' best interests". |
| Shareholders will be able to vote on the policy at the bank's annual meeting next year. | Shareholders will be able to vote on the policy at the bank's annual meeting next year. |
| "By subjecting our compensation principles and executive compensation to a shareholder advisory vote, we are further strengthening our dialogue with shareholders on the important issue of compensation," said Goldman chief executive Lloyd Blankfein. | "By subjecting our compensation principles and executive compensation to a shareholder advisory vote, we are further strengthening our dialogue with shareholders on the important issue of compensation," said Goldman chief executive Lloyd Blankfein. |
| The company will also be able to recapture the shares if employees engage in improper risk-taking. | |
| Goldman has come under criticism for setting aside nearly $17bn (£10.5bn) in the first three quarters of 2009 to cover pay and bonuses, despite receiving a $10bn US government bail-out. | |
| The bank has since repaid the government loan. | |
| Goldman shares were down 81 cents at $165.63 in midday trade in New York. | |
| The UK government said that bankers in the UK who receive bonuses over £25,000 this year would be taxed at 50% "regardless of if they are in cash, shares, or any other form". |