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Top executives at Goldman to forgo bonuses

Top executives at Goldman to forgo bonuses

New York: Top executives at Goldman Sachs Group Inc. have decided to forgo their 2008 bonuses, giving up potentially tens of millions of dollars in payouts in a year that saw market meltdown and economic downturn, a media report said.

The Wall Street Journal said the move, which is being closely watched, may be followed by other players at Wall Street.

After months of internal debate at Goldman, the paper said that the seven top executives at the firm, including Chief Executive Officer Lloyd Blankfein, asked the board’s compensation committee to grant them no bonuses. The board approved the request on Sunday.

The executives will be eligible for only their base salary, which is $600,000 for each. A company spokesman said the executives felt it was the right thing to do.

“While the firm has distinguished itself through many aspects of the crisis, we cannot ignore the fact that we are part of an industry that is directly associated with the ongoing economic distress," the firm spokesman said.

The paper said it is not clear yet whether other firms will follow suit.

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