US bank 'won't pay cash bonuses'
Investment banking giant Goldman Sachs has announced that senior executives will not receive cash bonuses for this year.
Goldman said the discretionary bonuses for the firm's 30-strong management committee would be paid entirely in shares subject to restrictions for five years, meaning they could not be sold for that period.
The firm said the move would strengthen its ability to claw back funds "in cases where the employee engaged in materially improper risk analysis or failed sufficiently to raise concerns about risks".
