Goldman Sachs pays its employees more than other financial groups because its employees are more productive, declared Lloyd Blankfein, Goldman chief executive, at an industry conference on Tuesday.

Mr Blankfein offered a wide-ranging defence of his company on Tuesday to an audience of banking analysts at a conference sponsored by Bank of America. His comments came as public debate continues over Goldman’s power and bonuses, prompting the comedy programme Saturday Night Live to ask the bank: “Can you not read how mad people are at you?”.