Pay summit targets City sexism

The vast pay gap between men and women in London's banks and dealing rooms is exposed today at a high-level "discrimination summit".

Ministers, unions and big business have joined forces to tackle the problem after a string of highly damaging discrimination cases brought by former City workers.

The "Sexism In The City" summit comes as a survey indicates women in financial services are being paid up to 40 per cent less than men.

The gap means a typical male research analyst on £100,000 could be earning at least £40,000 more than a female counterpart. It is a disparity condemned as " horrendous" by unions and is now the target of a government campaign.

The Equal Opportunities Commission blamed "opaque" methods of calculating year-end bonuses for the gap. Unlike most other sectors of the economy, bonuses make up the bulk of the remuneration for the higher earners but recipients are often left in the dark as to how their award has been arrived at.

Women have long complained about discrimination, sexism and unequal pay in the City, where they were only allowed onto the floor of the Stock Exchange in 1973 and are still in the minority.

Clara Furse, who became the first female head of the Stock Exchange three years ago, was the victim of rumours about her private life said to have been started by brokers.

The pay report, which draws on government figures, shows that at higher management levels, the pay gap is just above 30 per cent.

Today's summit is being held in the heart of the City at the British Bankers Association.