A senior member of the UK's largest trade union has called for the establishment of a new commission to rein in the City of London’s “addiction to irresponsibly high bonuses”, in the wake of Goldman Sachs reporting a nine-month compensation and benefits bill of $16.7bn (€11.2bn).

TUC General Secretary Brendan Barber wants the UK Government to set up a High Pay Commission to monitor the amount that banks operating in the UK pay and set aside for bonuses. His comments come a day after Goldman Sachs revealed its latest compensation and benefits figure in its third-quarter results.