Economy-leading gender pay gaps in the top echelons of Australian finance have proven stubborn because female bankers struggle to get a foothold in the highest-paid quartiles of investment banking firms where men outnumber women as much as seven to one.

At Morgan Stanley and Goldman Sachs, the average gender pay gap exceeds 50 per cent in favour of men across the firm, who are more likely to work in the bank’s most demanding roles. Those bankers work long hours, always at the beck and call of clients, but the incentives for those who land mega deals are huge bonuses.