Goldman Sachs, the US investment bank and wealth management firm, is on track to pay staff more than it did in 2007, itself a record year, according to media reports.

The Wall Street firm has recently repaid its $10 billion in public funds from the US Treasury, which frees it from restrictions set on pay by the US administration. Goldman Sachs is due to produce a total compensation pot of $20 billion this year, according to analysis carried out by the Wall Street Journal.

Reports did not specify if the bonuses only applied to the investment banking side of Goldman’s operations.

The high bonuses paid by some banks to their staff has come under fire as the credit crunch unfolded because critics say high pay encouraged bankers to take high risks with clients’ money.

In the UK, firms such as HSBC and Barclays have avoided having to receive public funds from the UK government, a stance seen as preserving their freedom to set pay without having to justify it to policymakers.