Goldman Sachs paid Hank Paulson, Lloyd Blankfein and John Thain more than $20m (€16m) each last year after they led the bank to a surge in profits. Goldman also admitted that it is being investigated over trading abuses in the bond markets, as part of a wider regulatory investigation into price manipulation.

Paulson, chairman and chief executive, received a pay rise of almost 70% as he was awarded a $21m all-stock bonus for 2003. Paulson's pay rose faster than Goldman's profits, which were up by 42%.