Top bank executives are facing growing pressure to forgo bonuses this year after dismal earnings and infusions of capital from the US Treasury have made such payments increasingly controversial, the Financial Times said.

The majority of banks that have accepted government money under the Treasury’s capital purchase programme will decide in the coming weeks on executive bonuses for 2008. But many executives admit that bonuses would be regarded as inappropriate at banks that have suffered losses, particularly if they have also accepted government capital infusions.

Rick Waddell, chief executive of Northern Trust, said: “I have to say, it will be very difficult for me to accept a bonus in this environment,” although he added the year was not yet over and the final quarter still had to be taken into consideration.

Northern Trust, which recently reported its first quarterly loss in 21 years, applied for and received a preferred stock capital infusion from the US Treasury although the bank is well capitalised.

Mr Waddell said: “Compensation is an area that needs to be looked at in the light of the government money.”

Executives at several large banks, including Goldman Sachs, Morgan Stanley and Merrill Lynch, have said they will give up their bonuses amid calls for highly paid executives to share the pain of the financial crisis.

At Citigroup, executives and Robert Rubin, a director and senior adviser, have told the board they are ready to give up their bonuses.

Executives at other banks are under pressure to follow suit. The biggest name still to announce whether he would receive a year-end payment is Jamie Dimon, the chief executive of JPMorgan, which has outperformed most rivals and clinched two acquisitions since the beginning of the crisis.

In a television interview last week, Mr Dimon said he had informed the board of his intentions but declined to spell them out. He said he trusted the company’s directors “to do the right thing” – an apparent suggestion he is unlikely to receive a bonus.