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British bank HSBC to disclose 59 pct gender pay gap

British bank HSBC to disclose 59 pct gender pay gap

"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 United Kingdom over time". In common with other banks, HSBC's pay gap was largely accounted for by the bank having fewer women in senior roles. HSBC Bank is the largest employing entity in the UK.

The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis.

It said it was "confident in its approach to pay" and if it identified pay differences between men and women in similar roles which could not be explained by performance or experience, it made "appropriate adjustments".

Its mean gender pay gap for bonuses paid in 2017 is 86%, and the median gender pay gap for bonus payments is 61%.

The disparity in average pay at Goldman Sachs is narrower than at HSBC Holdings Plc, where females were paid an average 59 percent less than male employees.

Google's disclosure follows a proposal by activist shareholder Arjuna Capital, which has been pressing tech and financial companies to disclose, and promise to close, the gaps between what their male and female employees earn.

In addition, HSBC has projected its gender pay gap data for 2018 using snapshot data as at 1 February 2018.

The Bank's gender bonus gap is even wider, showing a median gap of 57% and a mean pay gap of 84%. Currently, 23% of the organisation's United Kingdom senior leaders are women and at a group level, 29.4% of the members on HSBC's board are women.

Last month, Asia-focused Standard Chartered reported a gap of 30 percent in Britain, while Virgin Money - the only major United Kingdom lender run by a woman - said its female staff earned on average 32.5 percent less per hour than its male workforce. More than two-thirds (67%) of the organisation's junior roles in the United Kingdom are fulfilled by women.

The remaining 11 percent of Google employees were left out the company's analysis because they belonged to groups that Google said were too small to analyze.

It has signed the UK Women in Finance Charter to ensure that women represent at least 30 per cent of its senior talent, meaning vice president level and above, by 2023.

HSBC's 29% figure is over double than the 14.2% reported by Barclays for its United Kingdom retail banking operations in the year 2017.

At the same time, banks and fund managers are revealing high gender pay gaps that have been blamed on the lack of women in the top, high-paying roles.

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