Goldman Sachs Group Inc.'s top executives will not receive cash bonuses this year, as the Wall Street giant bows to sharp criticism over its pay practices.

The executives will instead receive stock that cannot be sold for at least five years, the New York-based bank said Thursday.

The majority of compensation for Goldman's senior management has traditionally been paid out in year-end bonuses.

Goldman has been among the strongest banks in the country during the past year, quickly recovering from the credit crisis.

As its profits started to swell, critics questioned Goldman's lavish pay packages at a time when the broader economy was still weak.

"The measures that we are announcing today reflect the compensation principles that we articulated at our shareholders' meeting in May," Goldman CEO Lloyd Blankfein said in a statement.

Shares of Goldman fell 54 cents to $165.90 in midday trading.