Goldman Sachs offers shares instead of cash as bonus

Goldman Sachs has announced that executives at the bank will receive share options instead of cash bonuses for 2009.

The investment bank’s 30-strong management committee, made up of all global divisional and regional leadership, will be forbidden from selling the shares for five years.

Chairman and chief executive, Lloyd Blankfein, said: “The measures that we are announcing today reflect the compensation principles we articulated at our shareholders’ meeting in May.”

Shareholders will have an advisory vote on its compensation principles at its annual general meeting next year.

Goldman earned £7.7bn in the first nine months of 2009 and the share price doubled.

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