For most executives, a $9 million bonus would be a career highlight, especially for a year in which their company’s stock rose 100 per cent.

For Lloyd Blankfein, chairman and chief executive of Goldman Sachs Group, the amount awarded by his board of directors on Friday for 2009 was a 87 per cent reduction from his $68.5 million bonus in 2007.

After deliberating for weeks, the Goldman board appear to have bowed to political and public pressure to moderate executive pay in the wake of widespread anger directed at big bankers in general and Goldman Sachs in particular.

Also on Friday, JPMorgan Chase announced that Jamie Dimon was awarded a $17.6 million bonus for 2009 in restricted stock and stock options. Mr Dimon’s base salary was $1 million in cash.

Mr Blankfein’s base salary was $600,000 in cash, and his bonus was made up of stock with various restrictions. He did not receive a bonus in 2008.