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PPI Claim News - 11/12/2009

 
Bank Refunds: Goldman Sachs axes bonuses

Investment bank Goldman Sachs has announced that it will not be paying out cash bonuses to its senior employees this year.

The top 30 employees at the American firm will instead receive shares which they are barred from selling for five years.

It has been speculated that its decision is a response to public anger over the bonus packages received by senior bank employees and political pressure to curb excessive pay.

Goldman Sachs' chief executive Lloyd Blankfein received a bonus package of $68.5m (£42m) in cash and shares in 2007, the Daily Telegraph reports.

The company's board also decided that shareholders would be given a greater say over its pay structure.

Mr Blankfein said: "We believe our compensation policies are the strongest in our industry and ensure that compensation accurately reflects the firm's performance and incentivises behaviour that is in the public's and our shareholders' best interests," the Daily Telegraph reports.

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