If banks believe that, and take pride in that, changes to pay should follow.
Tully also blamed "morale-sapping" changes to pay and terms of conditions.
Police forces face cuts of about 20 percent over the next four years, amid controversial changes to pay and conditions.
Banks would have to file annual reports on their incentive compensation, and regulators could demand changes to pay structures.
The warnings delighted health unions, which had been horrified by Hunt's plans to introduce radical changes to pay and shift patterns.
Unofficial strikes by British firefighters spread to several parts of the country in protest of reported changes to pay increases agreed to after stoppages dating to last year.
This new law creates a commission to study school construction as well as one to recommend tax changes to pay for the new outlays.
Changes to pay practices were common this year: about 70percentt of the analyzed companies disclosed making some shift, Mr. Reda said.
The changes to pay and pensions are part of the existing turnaround proposals put in place by Tata before it agreed the sale.
The deciding factor if they were to leave the profession would be the excessive workload for 71%, followed by changes to pay and pensions, 56%.
Campbell said there had already been major changes to pay, when in the past bonuses across the City might have been as large as 10 times salary.
