Friday 5 April 2019 4:51 pm

Gender pay gap data reveals the financial services with wider than average discrepancies


Sport and Business Reporter at City AM. Email: michael.searles@cityam.com

Sport and Business Reporter at City AM. Email: michael.searles@cityam.com

Some of the large companies with the widest gender pay gaps come from the financial services sector.

The deadline for providing gender pay gap data closed last night.

For large companies – those employing more than 5,000 staff – the average pay gap was 10.34 per cent.


The financial services entities below have gender pay gaps far wider than that average.

Barclays Bank Plc

The bank had a median pay gap of 42.9 per cent and a mean pay gap of 40.2 per cent. Barclays’ median bonus pay gap was 43.1 per cent while its mean bonus pay gap was 73.7 per cent.

Chief executive Jess Staley said: “We believe that building the diverse and inclusive organisation we want Barclays to be starts with an honest assessment of where we are today. So let me be clear: we are disappointed that Barclays still has too few women in higher-paying positions.”

Lloyds Banking Group

The Group reported a mean pay gap of 31.5 per cent and a median pay gap of 32.8 per cent.

A Lloyds spokespersons said: “We are pleased that the group’s mean gender pay gap has reduced to 31.5 per cent from 32.8 per cent. However, we recognise that there is still more work to do and we do not want to stop here.


Clydesdale Bank

Clydesdale Bank’s hourly median pay gap was 38 per cent and its mean pay gap 36 per cent. Its mean bonus gap was 56 per cent and its median bonus gap was 41 per cent.

Kate Guthrie, group human resources director at CYBG, said: “We are committed to being a transparent organisation, we are confident we don’t have any equal pay issues and we know that in order to build on our progress to date, we need to address the root causes of the gender pay gap.”

The Royal Bank of Scotland

The median pay gap at RBS was 36.8 per cent and the mean was slightly less at 36.6 per cent, while it's median bonus gap was 44 per cent and the mean bonus gap higher still at 66.7 per cent.

“Whilst we’re making progress, we know we’ve more to do,” chief executive, Ross McEwan, said.

“In 2014 we set ourselves a target to have at least 30% of roles in the three most senior levels of each of our businesses (around 700 roles) filled by women, by 2020. Our latest figures show we’re at 37% on aggregate and our pipeline (around 4,000 of our most senior roles) has 45% women.

“We’re committed to achieving a full gender balance at all levels of our business by 2030.”

HSBC Bank Plc

HSBC reported an hourly median pay gap of 30 per cent and mean of 61 per cent, both up on data from the year before, as well as a median bonus gap of 58 per cent and mean of 85 per cent.

“We are confident in our approach to pay and if we identify any pay differences between men and women in similar roles, which cannot be explained by reasons such as performance/behaviour rating or experience, we make appropriate adjustments,” the company's report read.

Santander UK

The company has reported a median pay gap of 28.2 per cent and a mean of 33.6 per cent, while the media bonus gap was 40.8 per cent and the mean was 68.1 per cent.

“While I am pleased that our gender pay gap figures are moving in the right direction, this improvement is not as significant as I would like it to be,” chief executive, Nathan Bostock, said.

“My leadership team and I passionately believe in creating an organisation that reflects the customers it serves, and to be a place where colleagues can thrive regardless of gender, sexual orientation, ethnicity or socioeconomic background.”

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