The financial services industry employs approximately 405 thousand full and part-time female workers as compared to nearly 450 thousand men. As far as the population goes this is already a bad start as women outnumber men in the UK. So why was it that in 2017 the mean weekly gross earning of a woman was just over half of that of a male employee in the same industry?
Large banks are now required by law to publish their median and mean gender pay gaps, the proportion of men and women in each quartile of the pay structure as well as pay gaps in any bonuses paid out during the year in question. The gender pay gap is not to be confused with equal pay, but instead looks at all roles at all levels of an organization, rather than comparing pay received by men and women for the same role.
The figures overall paint a dark picture of the financial sector for equality and there is certainly room for vast improvement with women at HSBC bank plc earning a mean amount of 41 pence hourly for every one British pound a man makes. With that being said there still may be hope on the horizon. Major banks across the UK are setting themselves targets for the near future to close the gender gap at the very top of their organizations where the change is most drastically needed. For example, as of February 2018, Santander bank plc had only a 35 percent share of women in the top quartile of their company. They have set themselves the target of reaching 50 percent for women in senior management by 2021.