The US president, Barack Obama, has imposed restrictions on pay for executives at banks bailed out by taxpayers, which include Citigroup, AIG and Bank of America, according to media reports. The move is seen by some analysts as a sop to taxpayer ire before a plea for new emergency funding.

A number of the banks affected operate substantial wealth management operations in the US and around the world.

Characterising recent financial services bonuses as “shameful” and stating his “disgust” at rewards for failure, Mr Obama said the measures were aimed at “taking the air out of the golden parachute".

Compensation for senior executives at companies that get “exceptional assistance” in the future will be capped at $500,000 a year.

The pay caps are designed to assuage fears that banks that have received billions in public funds do not, and are not seen to, reward executives who may have been responsible for unwise lending policies in the past.

Executives of companies receiving general assistance such as the Troubled Asset Relief Programme could get round the restrictions if they fully disclosed their pay and held a - non-binding - shareholder vote.

The constraints will not be retroactive and will apply only to companies seeking new agreements.

Sources at companies that have had aid indicated that they will not be changing their remuneration plans, arguing that they had already taken action to rein in executive pay.