Goldman Sachs yesterday moved to quell public anger over executive pay by unveiling plans to eliminate cash bonuses for its top 30 executives this year and give shareholders a vote on compensation.
The policies come as some of the world's financial capitals weigh steep taxes on bonuses paid to employees of banks that drew government support during the credit crisis. Goldman's rapid recovery from the downturn and the likely windfall many employees will reap next month, thanks to surging profits, have made the bank a target for politicians and shareholders.
“The measures . . . reflect the compensation principles we articulated at our shareholders' meeting in May,” said Lloyd Blankfein, chief executive.
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