City banks report gender pay gaps

Some of the biggest investment banks in the City have revealed major pay gaps between men and women working for their organisations.

Morgan Stanley UK revealed that female employees received a wage which was 35.2 per cent lower than male counterparts on a median basis, while Bank of America Merrill Lynch and Citigroup both reported pay gaps of just over 30 per cent.

Credit Suisse's hourly pay gap was 28.9 per cent on a median basis.

Read more: First magic circle firm includes partner pay in gender pay gap report

All of the companies said that the gap was due to a higher number of men being employed in top jobs.

Robert Rooney, the chief executive of Morgan Stanley International, said: “I am encouraged by the efforts Morgan Stanley has already made to increase female representation in senior management, but our metrics are not where we would like them to be.”

The number of employees receiving a bonus was also skewed towards men across all the firms, meaning the pay gap widened even further when including bonuses.

“For me, these numbers are disappointing, and while they reflect an improvement, there is clearly much work to be done,” said Credit Suisse CFO David Mathers. “I do want to emphasise however that these numbers do not show a difference in pay or bonuses for men and women who perform the same role, as explained in the report.”

Bank of America's head of HR Jennifer Becker said that the company would accelerate change through special programs, extra benefits, and working with schools.

We are confident that our culture, programs and initiatives are already positively impacting our gender balance, and we expect this to reduce our UK gender pay gap over time.

Read more: HSBC and Phase Eight are topping the still-incomplete gender pay gap list

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