Embattled Goldman Sachs looked set to attract fresh criticism today after revealing average pay increased 11% in the first quarter as revenues surged three times as fast as costs fuelled by higher trading revenues and the absence of losses from certain investments last year.

The bank today released its quarterly results to more intense scrutiny than usual, sparked by US Securities and Exchange Commission allegations of securities fraud last week and was further heightened today by news that UK regulators are commencing a formal enforcement investigation into its Goldman Sachs International arm in relation to the US allegations.