HSBC reveals largest financial services gender pay gap of 60%

HSBC figures have revealed that it has the largest gender pay gap of any UK financial firm.

Related topics:  Finance News
Rozi Jones
16th March 2018
HSBC
"We recognise that that there is more work to do to address our gender balance at senior levels. "

Figures for early 2018 show an hourly median pay gap of 29% and a mean pay gap of 60% - slightly higher than the 59% recorded in 2017.

The Bank's gender bonus gap is even wider, showing a median gap of 57% and a mean pay gap of 84%.

HSBC says its pay gap is "driven by a number of structural issues in [its] workforce", such as female employees holding just 23% of senior leadership roles, despite accounting for 54% of total staff.

Other imbalances include the number of female employees in junior roles and on part-time hours.

HSBC noted that there are additional factors affecting the calculations, such as many senior global roles being based in the UK as this is the location for its Group head office.

The Bank added that its overall share of women in global senior leadership roles has increased year-on-year over the past five years and was 26.8% at the end of 2017.

HSBC said: "We recognise that that there is more work to do to address our gender balance at senior levels. HSBC UK was one of the first signatories to the HM Treasury’s Women in Finance Charter to demonstrate our ongoing commitment.

"There are a number of specific steps we are taking to improve our gender balance which we expect will positively impact our gender pay gap in the UK over time."

More like this
CLOSE
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.