Britain’s financial sector made minimal progress in closing the gender pay gap last year, with some banks slowing – or even reversing – progress, new data shows.
Glyn Kirk | AFP | Getty Images
Britain’s financial sector made minimal progress in closing the gender pay gap last year, with some banks blocking – or even reversing – progress by paying women less than two-thirds of men’s earnings, according to reports. new data.
Britain’s financial sector had an average gender pay gap of 22.7% in 2022-23, just below the 23% reported in 2021-22, according to documents posted on the government’s website. Gender Pay Gap Service Site.
Under UK law, businesses, charities and public sector services with 250 or more employees must publish annual figures on the gender pay gap since 2017.
The finance sector reported the second-largest average gender pay gap in the country last year, ranking just behind the education sector’s 23.2%.
Banks had the largest spread among large financial firms, according to a CNBC analysis.
How banks position themselves
HSBC Bank PLC had the largest gender pay gap among reporting UK banks, with women’s median hourly earnings 51.1% lower than men’s, down from 29% in 2017-18.
Within his British demarcated unitHSBC UK Bank PLC – which now has a comparatively larger workforce – the gap was 20.3%.
At Barclays Bank PLC, women’s reported hourly wages were 35% lower than men’s. In his fenced british unitBarclays Bank UK PLC, women were paid 14.8% less.
Lloyds Banking Group’s spread is also high at 34.8%. At NatWest, women earned 31.6% less than men, based on their median hourly wage. Meanwhile, at Standard Chartered Bank, women’s pay was 24.8% lower.
At Morgan Stanley UK Limited the spread was 18.7%, while at Morgan Stanley & Co. International PLC it was 36.1%. Within the JP Morgan Chase Bank National Association, the spread was 17.1%.
Several other banks were not required to report due to the size of their UK operations.
In statements released alongside their filings, the banks said a lack of women in leadership positions had added to the gaps.
Most industries fail to close the gap
The gender pay gap in the UK remains stubbornly entrenched, despite continued calls to reduce gender inequality and numerous studies highlighting the economic benefits of such action.
Across all sectors, as many as eight in 10 UK employers on average paid men more than women, according to BBC analysis Datas.
In 2023-23, the median gender pay gap across all reporting companies was 9.4%, the same level as in 2017-18, when mandatory pay gap reporting began.
The gap briefly increased to 10.5% in 2019-20, but did not fall below current levels.
Among the top-performing sectors were manufacturing, retail, health and social services, and arts and entertainment, all of which had median gender pay gaps below the national average.