The perception that men argue more forcefully in bonus negotiations — and thus secure higher rewards — can deter women from working in financial services, according to a report by the parliamentary panel that scrutinizes the Treasury. It called for performance-related payouts to instead be assessed against “clearly objective and formulaic” criteria.

“Culture is the overwhelming reason that women said they do not want to get involved at the senior levels of the financial services sector, which becomes a self-reinforcing barrier,” the Treasury Committee report said. “The alpha-male culture in some organizations is evident in bonus negotiations.”

Among the proposals, the group called for more senior men to “lead by example” on flexible working to reduce the stigma which can adversely affect women’s career progression, and for banks to encourage shared parental leave.

It also recommended the re-examination of recruitment and promotion policies to tackle unconscious bias and promoting the study of relevant subjects by girls to encourage them into the sector.

The report draws on new gender pay gap reporting requirements that show women at UK banks and building societies are paid 35% less per hour on a mean basis than their male colleagues, and receive bonuses that are on average 52% lower.

It said firms should be required to publish strategies for supporting the progression of women and added that the decision by some firms to exclude partners from their wage data is “outrageous.”