Firms signed up to the Treasury’s Women in Finance Charter want to hike the average number of women in senior management positions to 35% by 2020, up from the status quo of 27%.
Barclays, HSBC, Aviva, BlackRock and London Stock Exchange Group are among the 71 financial firms signed up to the charter, which has outlined measures to shore up gender balance including linking diversity targets to executive pay.
The report said more than 60% of the firms are tying their gender targets to bonuses to help women shatter the glass ceiling.
It comes as top finance bosses take part in a speed mentoring session at the London Stock Exchange on Monday to help 40 young women starting out in their careers.
More than 40 mentors from firms including MasterCard, Credit Suisse and Deutsche Bank have been drafted in to offer their advice on how to excel in a sector where men hold 77% of board-level positions.
Jayne-Anne Gadhia, chief executive of Virgin Money and the Government’s Women in Finance champion, said: “It is important that the next generation of women working in finance have the opportunity to break the glass ceiling and get to the top.