HSBC’s women are paid 60% less than its men, according to gender pay gap data, revealing one of the biggest differences among the largest UK banks and also an increase over 2017’s reported 59%.
However, the bank has said that these figures reflect the mean pay gap, whereas the median pay gap is smaller at 29%.
The pay gap has been caused by the small proportion of women in higher-paid, senior roles. Figures show that only 23% of British leadership positions are held by women, whilst two-thirds of junior roles are filled by them.
As a result of this, the mean bonus for women is 84% lower than it is for men, with a mean gap of 57%.
Across all large UK Banks, a significant gender pay gap was revealed due to fewer women holding senior positions.
A reported 17 banks signed up to the Treasury’s Women in Finance Charter during 2017, but the New Financial Think Tank will announce that 22% of financial firms that signed up saw a decline in the number of women in senior positions.
The percentage of women among senior managers increased by 3% on average in 2017, but will need to increase by a further 27% in order to hit the desired targets, which still fall short of parity for pay across men and women.
HSBC head of HR Elaine Arden commented: “These issues are a challenge for our industry.”
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