Lloyds Banking Group has revealed that black staff at the company receive around 20 per cent less pay than their colleagues.
The average hourly earnings of black, Asian and minority ethnic (BAME) employees is 6.8 per cent lower than that of white employees, according to the Ethnicity Pay Data Report, published by the banking giant today.
Black employees make up only 1.5 per cent of their workforce and have the greatest median pay difference, namely 19.7 per cent.
The pay gap is a result of BAME under-representation at a senior level within the bank. The Lloyds report found that black employees make up just 0.6 per cent of senior management.
Despite the differences in pay, group chief executive Antonio Horta-Osorio stressed that “we are an anti-racist organisation – one where all employees speak up, challenge, and act to take an active stance against racism.”
The data report was part of the banks Race Action Plan, launched in July. It aims to address the challenges faced by ethnic minorities, focusing on culture, recruitment and progress, including pay.
Under-representation is an ongoing issue within the financial service industry. The Parker Review, a government-sponsored body, reported in February of this year that some 37 FTSE 100 companies had no black, Asian or minority ethnic directors at all.
In October, the Investment Association found that almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards.
However, efforts are being undertaken to change this.
Last month, the City of London Corporation, the Chartered Institute for Securities and Investment and the Diversity launched a program to increase access to the corporate world for black individuals.