BusinessCompany NewsGoldman CFO Viniar waives bonus

Goldman CFO Viniar waives bonus

CFO of troubled investment banking giant waives bonus that contributed to a pay packet of $57.5m in the previous financial year

David Viniar the chief financial officer at Goldman Sachs has opted out of
the 2008 bonus scheme along with several other top executives.

Viniar received $57.5m in cash and stock bonuses last year.

A Goldman Sachs spokesman told
the
Financial Times
: ‘Our senior executive officers made this decision because
they believe it is the right thing to do. We cannot ignore the fact that we are
part of an industry this is directly associated with the ongoing economic
problems.’

Goldman Sachs, along with several other banks, received a cash injection of
$10bn from the Federal Reserve earlier this year. Although the terms of the
bailout do not stipulate that executives cannot receive bonuses, the banks have
come under pressure to ensure that federal money does not fund executive rewards
in the current economic climate.

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