Goldman Sachs Reveals Yawning UK Gender Pay Gap

Lynette Rowe
March 18, 2018

The bank's median gender pay gap is 29%, which was not the worst in the industry, but still more than three times the United Kingdom average.

"As with most organizations, JLT's gender pay gap highlights the proportion of male employees versus female employees in senior roles", Dominic Burke, Group CEO of JLT Group, said in the statement.

British multinational banking and financial service provider HSBC has reported a median gender pay gap of 29% for its United Kingdom banking operations.

The firm, like Wall Street more broadly, has made progress.

The hourly earnings gap increased from a 59% disparity in 2017.

While female employees account for 54% of HSBC's overall workforce in the United Kingdom, just 23% of senior leadership positions are now held by women.

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Under a new United Kingdom government scheme, all companies with more than 250 employees must report their pay gap under an initiative created to reveal the greater prevalence of men in top-paying jobs and encourage action for change. "Improving our gender balance will take time and require sustained focus over the long-term", the company said.

All private and public sector organisations and charities with more than 250 employees must submit pay gap figures to the government by April under a scheme introduced this year. About 2,250 have filed figures so far, but the legislation is expected to affect about 9,000 companies, which collectively employ more than 15 million people.

Group chief executive John Flint has signed up to the 30% Club campaign with an aspirational target for 30% of senior leadership roles to be filled by women by 2020.

"We recognise that that there is more work to do to address our gender balance at senior levels". The other 11%, left out of the analysis because they belonged to job groups that were either too small or too imbalanced to meet Google's standards for "statistical rigor", included the company's senior vice presidents and above. Its male employees paid more than double the female staff.

Earlier, Barclays' bank had revealed that it pays women 48 per cent less on average than men, while RBS and Lloyds disclosed gaps of 37 and 33 per cent respectively.

Within the almost 63,000 employees included, the company said it found 228 workers with statistically significant pay differences and increased their compensation, which cost the company around $270,000.

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