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The Corporation of London has told the government to not cap pay levels in the City.
Its head of economic policy, Stuart Fraser said "it would be crazy if the authorities intervened to fix pay levels".
"Issues surrounding pay and the longer term economic interests of the company should be aligned, but shareholders should ensure that the right balance is struck, not government," he told the Guardian.
Commentators have criticised City sales staff for pushing through deals that were risky in pursuit of higher bonuses.
Firms often make bonus payments at the end of each financial year, leading to claims some staff are rewarded for deals that have yet to be proved successful.
City employees have felt the brunt of the recent economic downturn – several thousand have lost their jobs, leaving increasing numbers of empty offices in London.
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