We have studied the development of shear band structure in a Zr57Ti5Cu20Ni8Al10 bulk metallic glass during deformation. In order to investigate the relationship between shear band development and serrated flow, we performed uniaxial compression tests in an environmental scanning electron microscope (ESEM). During the deformation, load-time data and surface images were simultaneously recorded. In the stress-time data, stress drops or “serrated flow” appear to correlate to new shear band formation. The majority of the shear bands we observed were at an angle of 45° with respect to the compression axis. In addition, we measured shear offset as a function of position along the shear band. We observed two different offset behaviors: Consistent offset along the length of a shear band, and offset that is localized into part of the band. The localized offset behavior could be evidence for dislocation-like displacement increments, or could be the result of a transition in the failure mode.