Goldman Sachs partners are reported to be planning to delay their flotation of the US investment bank until next May. Because market turmoil had cut $14 billion from the projected value of the firm, they are quietly preparing employees for the change in strategy ahead of an official announcement delaying the filing of a prospectus with the Securities and Exchange Commission, the London Times said.

The former attorney general, Mr Peter Sutherland, is chairman and managing director of Goldman Sachs International.