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Banks must do more to stop City's 'alpha-male' culture, say MPs

City firms must do more to abolish the "alpha-male" culture still prevalent in banks and finance, the powerful Treasury committee has said.
In a wide-ranging report on women in finance published today, MPs call on firms to overhaul bonus negotiations and for more male bosses to “lead by example” by adopting flexible working.
The committee said the “overwhelming reason” given by women for not wanting to progress up the ranks in finance firms was culture.
It argued bonus negotiations perpetuated an “alpha-male culture... where it’s perceived that men argue more forcefully for bonuses than women”. The committee said bonuses should be assessed against “clear criteria”.
The call comes after recent gender pay gap reporting revealed finance firms had some of the worst gulfs in pay between men and women in Britain.
The average gender pay gap per hour at banks and building societies in the UK is 35pc, rising to 52pc for bonuses.
Banks must do more to stop City's 'alpha-male' culture, say MPs

Nicky Morgan, chairman of the Treasury select committee, says City firms need to do more to promote gender diversity

Credit:
John Nguyen/JNVisuals
Among the worst offenders was Europe’s largest lender HSBC, which has the biggest gender pay gap of any major UK company employing more than 5,000 people, with men paid more than two and a half times women on average.
Nicky Morgan, chairman of the Treasury committee, called on firms to publish plans on how they planned to bridge the pay gap.
“The next step must be for firms to set out how they will abolish their gender pay gap and support the progression of women.
“Firms should focus on changing the culture in financial services firms, which remains a deterrent for women, especially the bonus culture,” she said.
Separately, a government-commissioned report into pay deals for bosses at Britain’s largest private companies has also been published.
The paper – pulled together by James Wates, chairman of construction business Wates – argued executive pay should take into account wider staff pay, while boards should be balanced and appropriately skilled.
The code will apply on a voluntary basis to private companies with more than 2,000 staff, or with revenues of over ?200m and a balance sheet of more than ?2bn. 
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