The top-level executives of Goldman Sachs, the US investment-banking group will not be receiving any bonuses this year. Goldman has been subject to the growing pressure from the US Congress, ever since it took $10 billion emergency fund from the federal government last month.
To end the company’s culture of excessive pay, the bank confirmed its decision to withhold the bonuses of the seven top-level executives. The compensation committee seems to have considered the chief executive, Lloyd Blankfien’s request to cut the bonuses this year. Among others who won’t be enjoying their fat bonuses this year are Jon Winkelried, co-chief operating officer and president, Gary Cohn, who is also a co-chief operating officer. They go home with their base salary of $ 600,000 each this year. The chief financial officer, David Viniar, and Michael Evans, Michael Sherwood, and John Weinberg, the vice-chairperson are in the list too.
With Goldman sacking almost 3,300 people globally last month, cutting heavy bonuses of the top executives is a wise move after all. Moreover, this is a stark contrast in the decision making process of Goldman, which traditionally paid fortunes to its top-level executives. It makes sense to keep afloat from the recent turmoil in the global banking sector.
Via: TimesOnline
