Women working in the City get paid 80% less in bonuses than men.

An inquiry by the Equality and Human Rights Commission has revealed the level of inequality between the sexes working in the City.

Nearly all women taking up new jobs in some of the UK’s leading finance companies start on lower average salaries than men and women as well as receiving significantly lower bonuses. It is believed the banking and financial sector’s age profile of 25 to 39 may be a key factor blocking women’s success as it’s the age at which women tend to have childcare responsibilities.

Findings include women employees earn an average of £2,875 in annual performance related pay compared to an average of £14,554 for men - a gender pay gap of 80 per cent.

A gap in total pay between men and women of 47 percent – well above the national average of 28 percent.

Less than half of the 50 companies who took part in the research while just 23 percent reported they have undertaken an equal pay audit.

Trevor Phillips, Chair of the Commission said: “The Financial sector has the potential to play a central role in Britain’s recovery. But it has to address this shocking disparity of rewards. For business to thrive in the new economy it simply can’t afford to recruit and reward in the way it has done in the past.

“By bringing down arbitrary barriers, and changing practices that, intentionally or not, inhibit women’s success, financial firms have the chance to boost morale, bring on new talent, and maximise the potential of their existing employees.

"I’m encouraged by the firms which are developing transparent pay policies and flexible approaches to work. But there aren’t enough of them. The many need to learn from the few."