A government minister has pledged to tackle sex discrimination in the City.
Harriet Harman, who is the MP for Camberwell and Peckham and made her comments in her capacity as minister for women and equality, said she will call for the end of men-only boards.
Although the Labour administration does not intend to introduce quotas for female representation, "further steps" will be taken if firms operating in the heart of the UK's financial sector do not reduce inequality, she said.
Giving evidence to the Treasury select committee, Ms Harman said: "If you want to make sure you don't have the nightmare of men-only boards, you actually have to change the terms on which men and women participate."
She added that cultures and working practices of organisations need to be altered in order to make sure that diverse boards exist.
The minister went on to claim that it is crucial to have greater female representation to shatter the "old-boys' network".