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Goldman suspends cash bonuses for top 30 executives

Goldman Sachs has suspended cash bonuses for its top 30 executives and is to put its remuneration policies before a yearly “say on pay” vote by shareholders at its annual meetings.

The US bank announced yesterday that senior staff, which includes six London-based executives, would instead recieve their bonus in stocks that must be held over five years. The bank also has “enhanced clawback powers” that will allow it reclaim shares from employees that have inflicted financial harm on the business.

Goldman is traditionally a big payer of bank bonuses with reports that it was to pay a total of £14.1bn this year.

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