Today it was announced that the seven top executives at Goldman Sachs will forgo any bonus pay for 2008. Given their leadership in the industry, it's possible more banks will follow suit. Read about the story here in the Wall Street Journal or here in Bloomberg.
This follows from heavy criticism of the financial services industry over the potential payment of bonuses in a year where banks are commonly seen as the cause of the sub-prime crisis. This argument can also be debated, given that bonus pay is considered a vital tool to the retention of high quality staff, a good summary of this debate can be found here.
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