HSBC has 59 percent gender pay gap, biggest among British banks

Women's Wealth Gap Some Solutions

British bank HSBC to disclose 59 per cent gender pay gap

British multinational banking and financial service provider HSBC has reported a median gender pay gap of 29% for its United Kingdom banking operations.

Nearly 50 years since the passage of Britain's equal pay act, the continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

HSBC said that it had increased the proportion of senior posts held by women to almost 27% previous year from 22% in 2012, but added: "We recognise that that there is more work to do to address our gender balance at senior levels".

The gap will widen to 60% this year, the UK's biggest bank said in a report on Thursday.

The gender pay gap starts right at the beginning of women's careers, according to statistics from the Department for Education.

HSBC has revealed a gender pay gap of 59%, one of the biggest yet disclosed by a British bank.

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All companies with more than 250 United Kingdom employees have to disclose their gender pay gaps by April 4.

It has also expanded opportunities for mentoring for women in well-paid global banking and markets roles and said it was encouraging flexible working and shared parental leave.

A so-called "adjusted" gender pay gap for men and women in comparable jobs and with comparable qualifications was about 6 percent.

HSBC has a median gap of 61% for bonus payments between its male and female employees. Other firms are yet to submit figures ahead of the April 4 deadline set by Theresa May. For example, last month, Barclays said that women in its investment bank division earn on average 48% less than men.

It said the difference was explained partly by where men and women tend to work.

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

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