Paul Wolfowitz’s future as World Bank president hung in the balance on Friday after the bank’s board issued a damaging finding of facts on his role in the Riza affair and promised to reach a decision on what steps to take next “expeditiously”. The board said its “consideration of the matter” would “focus on all the relevant governance implications for the Bank”.

The promise of further action kept up pressure on Mr Wolfowitz to step down of his own accord to avoid possible censure for securing a large pay rise and promotion for Shaha Riza, a former bank official with whom he was romantically involved. As of 9pm Friday, though, there was no indication that the board was ready to try to force Mr Wolfowitz to quit, or that the bank president – who issued a public apology on Thursday – was ready to give up the fight.