Goldman Sachs, frustrated at federally mandated pay caps, has been plotting for months to get out from under the government's thumb.

On Monday, Goldman took fresh steps to break free: It announced, as expected, that it plans to raise $5bn (€3.8bn) by selling new common shares to investors, and that it would like to use the money to repay government bailout money received last year. The firm also reported stronger-than-expected first-quarter earnings of $1.81bn.