Goldman Sachs today said its top 30 executives won't receive a cash bonus for 2009 as the Wall Street bank bows to public pressure about runaway compensation packages.

The move approved by Goldman's board is an attempt to quell public criticism about multimillion-dollar bonus packages expected to be doled out this year. The firm's 31,000 employees are on track to earn an average of more than $700,000 (€475,421) apiece this year, the most in its 136-year history.