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Financial services’ gender pay gap widens

The gender pay gap in financial services has widened, with HSBC employing the fewest female top earners among the major banks, according to government data.

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Across financial services firms which have reported so far, the gap has risen to 23.1 percent, from 22.2 percent two years ago.

 

It is the third year UK organisations with more than 250 employees have been legally required to publish a snapshot of their gender pay gap.

 

Across all sectors, the average gap is 17.3 percent, according to the Office for National Statistics.

 

HSBC reported that women working there earn 49p for every £1 that men earn, when comparing median hourly wages. Their median hourly wage is 50.8 percent lower than men’s.

 

It also reported that its upper quartile of earners is only seven percent women, while its second quartile of earners is only 23 percent women.

 

The lower-middle, or third, quartile is 31 percent women, while the lower quartile of earners at HSBC 50/50.

 

Lloyds, meanwhile, reported that its female employees earn 66p for every £1 men earn. Their median hourly wage is 33.5 percent lower than men’s.

 

It reported that women occupy 37 percent of the highest paid jobs at Lloyds and 71.4 percent of the lowest paid jobs.

 

The picture at Santander was similar, with women at the bank earning 73p for every £1 that men earn. Their median hourly wage is 26.6 percent lower than their male colleagues.

 

Santander reported that women occupy 38.5 percent of its highest paid jobs and 63.8 percent of the lowest paid.

 

Monzo reported women working at the challenger bank earn 80p for every £1 that men earn, whith their median hourly wage 20.4 percent lower than men’s.

 

It reported women there occupy 26.1 percent of the highest-paid jobs and 51.1 percent of the lowest paid.

 

Ann Cairns, global co-chair of the 30% Club said: “Now that we have transparency let’s get on and fix things. There is far too much sensationalism and blame around this topic. Companies should look at what has moved the needle for the best performers in their industry and use those learnings to close their gaps. Otherwise they will be missing millions.”

 

Don’t miss the Women in Credit Forum at the Credit Summit. Visit the Credit Summit website for more details and to book your place.

 

The Women in Credit Awards has now sold out.

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