The bonuses given to workers in the City should be linked to the number of women appointed to senior positions in the company, a government review is expected to recommend.

Led by Virgin Money chief executive Jayne-Anne Gadhia, the review is also expected to recommend that firms in the financial sector make one person responsible for gender equality on the board and in senior positions, and for them to report on progress.

Last week, Lord Davies said that 25% of FTSE 100 boardrooms are made up of women. While many have called for a quote of women in the boardroom, Lord Davies has opted for a voluntary approach and urged FTSE firms to commit to improving that figure to 33% by 2020.

Ms Ghadia said: “It should be a wake-up call to everyone in financial services that fewer women progress to senior levels than in any other industry in the UK.

“There are many views as to why that might be. Motherhood, remuneration, the ‘old boys’ network’ are all mentioned, but only scratch the surface of an issue that has been hidden for too long.”

“My report proposes addressing the issue in a way that the City will recognise. Make it public, measure it and report on it. What gets published gets done.”

The full review is due to be published by the Budget next year.