The French and British leaders have joined forces to call for an exceptional tax on global bank bonuses.
Nicolas Sarkozy and Gordon Brown have jointly written a column in the Wall Street Journal.
They also called for closer coordination of economic policy, and said proposals such as levies on financial transactions deserve to be examined.
Some banks say that without big bonuses they will lose top staff, but not everyone agrees.
Financial recruitment consultant Tej Dhindsa said: “We’re hearing that there is not going to be a mass exodus of bankers leaving the city simply because if you look at the European situation, and the Far East as well, there won’t be the roles for them to go to.”
Yesterday Britain’s Labour government slapped a one-off 50 percent levy on banks who pay big bonuses.
Some in the banking industry reacted furiously, saying the tax will deal a damaging blow to London’s standing as a financial hub.
They also say the levy will only raise a modest amount for state coffers.