David Cameron, the Tory leader, and the Lib Dems' Nick Clegg followed suit, declaring that colleagues would pay back unjustified claims.
Messrs Philippon and Reshef argue that between a third and half of Wall Street's higher pay is unjustified, deriving from rents rather than productivity.
They believe that interfering with their pay is unjustified, given that the sector was not the prime driver of the financial crisis, and did not receive taxpayer bailouts.
"But it has long paid and is still paying an unjustified cost to finance its debt on the markets," he added.
He also wants a mechanism for clawing back unjustified pay settlements.
Hancock, the skills minister and a former aide to George Osborne, said his party needed to be seen to be tackling the causes not just of excessively high pay, but also unjustified low pay.
It was an attempt to reassure industry and finance that the populist assaults on unjustified pay, bonuses and share options – not least his own assaults – do not mean that Britain is going to embrace the wider hostility to capitalism entrenched in much of France.
When the economy crashed he was in the perfect position to limit the unjustified pay levels on Wall Street and bring a crashing halt to the runaway financialization of our economy.
As a result, the Argentine government paid $130 million in unjustified export incentives to companies there, prosecutors said.
We are concerned, however, that Mr Dudley's £14m pay package will seem unjustified to many shareholders, considering the performance of the company over the past 12 months," said Walker.
