Lloyd Blankfein, chairman and chief executive of Goldman Sachs, received more than $11m (€8.4m) from funds the bank has set up for its employees although he did not receive any bonus last year as compensation structures at investment banks are likely to be overhauled.

Goldman said in its proxy filing with the US Securities and Exchange Commission that it has established private investment funds to permit employees to participate in merchant banking, venture capital and other activities by investing in or alongside funds that the firm manages or sponsors for outside investors.