If Goldman Sachs, the most profitable securities firm, decides to make a major charitable donation, it would take “at least $1 billion” to mollify anger over bonuses paid to its employees, billionaire philanthropist Peter G. Peterson said.

Only a donation that size would “have much resonance in the public,” Peterson, the 83-year-old co-founder of Blackstone Group LP, the world’s largest private-equity company, said.

Goldman has set aside $16.7 billion for compensation and benefits a year after receiving government aid, triggering criticism from lawmakers who seek to rein in executive pay.

The New York-based bank, led by Lloyd Blankfein, is considering a new charitable program and has been working with philanthropy consultant Bridgespan Group after reporting three quarters of rising profit, people familiar with the matter said.

Goldman may also consider paying a special dividend to shareholders, reinvesting its bonus pool in the firm, or just going ahead with the bonus payouts, Peterson said.