Top executives at Goldman Sachs will receive no bonus for 2008 after the Wall Street group's seven most senior bankers waived their right to a pay-out.

The move, which is likely to put pressure on other banks to follow suit, comes after a turbulent year in which Goldman converted itself into a commercial bank and received a $10bn (£6.8bn) capital injection from the government. It also follows scrutiny of Wall Street bonuses from legislators and regulators.