International Investment bank Goldman Sachs Group, has become the first U.S. bank to scrap bonuses for senior officers this year due to the biggest financial crisis since the Great Depression.

Goldman Sachs is known for its outrageous bonus to its executives and had set a record for Wall Street pay last year.

The banks chief executive officer Lloyd Blankfein, 54, and six deputies will forgo their bonuses this year and will only earn a base salary of USD 600,000. This is in contrast to Blankfein`s bonus last year, which was almost USD 70 million.

It is learnt that Blankfein, chief financial officer David Viniar, co- presidents Jon Winkelried and Gary Cohn, and vice chairmen J. Michael Evans, Michael Sherwood and John S. Weinberg will not take home bonus this year.

This cut comes after the global economic slowdown which has affected US banking sector, leading to bankruptcy of many banks and a expected loss from Goldman Sachs itself which was relatively unaffected.