Lehman president Herbert McDade is also to forego the annual lump-sum payment, following the recent financial troubles experienced by the firm.
Recently, Lehman announced a $2.8 billion loss for the last quarter - the first such declaration in 14 years as a publicly listed company.
This was due in part to the continuing effects of the credit crunch, as the bank has been forced into multi-billion asset writedowns and has suffered severe problems with raising funding on the money markets.
Over the past year, Lehman stock has dropped by 70 per cent in New York - one of the very worst declines of the entire sector.
Speaking to the Bloomberg news agency, Jeanne Branthover at Boyden Global Executive Search said: "I'd be surprised if other chief executives didn't give up their bonuses this year.
"[Mr] Fuld is preparing his guys for what's coming for them. He's setting an example because the troops will also get shrunk bonuses.''