Paul Wolfowitz’s future as World Bank president hung in the balance yesterday after the bank’s board issued a damaging finding on his role in the Riza affair and promised to reach a decision on what steps to take next “expeditiously”.

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 bank official with whom he was romantically involved.