Hank Paulson, chairman of Goldman Sachs, has become the target of criticism over the role the investment bank played in the New York Stock Exchange's proposed acquisition of Archipelago.

Mr Paulson personally agreed that the bank should advise both the NYSE and Archipelago, an electronic exchange, in spite of the likelihood that it would be accused of having a conflict of interest. John Thain, chief executive of the NYSE, is a former Goldman president and a large shareholder in the bank.