Goldman Sachs caps UK partners' pay at £1m

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An executive said the investment bank wanted to be seen to be "exercising restraint" — although the BBC said many staff below partner level will still earn more than £1 million.

Goldman, which employs 5,500 people in Britain, is said to believe that restricting pay packets could damage its ability to recruit and retain the best workers.

Last week the bank announced it had set aside $16.2 billion (£10 billion) for compensation and benefits last year — 48 per cent more than 2008. Its share of revenues paid out in salary and benefits for 2009 is 35.8 per cent — its lowest as a public company.

Banks will be charged a one-off 50 per cent tax on their employees' bonuses this year, announced by Alistair Darling, the Chancellor, in his pre-Budget report.

This weekend it was reported that high street giant Barclays was likely to defer paying bonuses to its highest earning staff. Directors could have their payouts postponed for up to three years.

Royal Bank of Scotland, which is 84 per cent owned by the taxpayer, is expected to pay up to £1.5 billion in bonuses to its investment bankers.

The banking industry has also been rocked by American President Barack Obama pledging the biggest overhaul of Wall Street since the Thirties to ban retail banks from using their money in investments and to restrict their abilities to make high-risk trades.