Is the There a Shift Here?
“Moving to quell the uproar over the return of big paydays on Wall Street, Goldman Sachs announced on Thursday that its top executives would forgo cash bonuses this year and that it would give shareholders a say in determining compensation.
Suzanne DeChillo/The New York Times
Lloyd C. Blankfein, chief executive of Goldman Sachs, instituted the new executive compensation system, which emphasizes pay in stock.
With a resurgent Goldman set to award billions of dollars in bonuses — a trove that could rival the record payouts of the bubble years — the bank said that its 30 most-senior executives would be paid in the form of a special stock, rather than in cash. Goldman said that it would also let its shareholders vote on its executives’ pay, although the decision would be nonbinding.”