Tuesday 24 April 2018

Morgan Stanley, Citi, Bank of America and Credit Suisse publish gender pay gaps

They joined Bank of America and Credit Suisse who also announced their figures on Tuesday.

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By Catherine Wyatt, Press Association

Morgan Stanley and Citi have announced median gender pay gaps of 35.2% and 30.1%, the latest in a string of banks to reveal such figures.

Both lenders said the imbalance was caused by the high number of men in senior roles, in the top pay quartile, 80.7% of Morgan Stanley UK Group employees are male.

They joined Bank of America and Credit Suisse, who announced on Tuesday gender pay gaps of 30.5% and 28.9% respectively.

In a memo sent to UK staff, seen by the Press Association, chief financial officer at Credit Suisse David Mathers told employees: “As a bank, we believe that the public reporting of gender pay gaps is an important step in understanding and tackling gender equality issues.

“At the same time, we are conscious that in order to close that gap we need to have more women in more senior roles.”

The company’s median gender pay gap is down on the previous year, when it was 31.9%.

With little more than a week to go until the deadline for companies to submit their data to the Government Equalities Office, other investment banks to publish their median gender pay gap figures include Goldman Sachs International (36.4%), UBS (25.0%) and JP Morgan Chase Bank (23.0%).

The gender pay gap is calculated as the difference between the average salaries of men and women, it is not the same as equal pay, where firms are required to pay people doing the same job the same salary regardless of gender.

By April 4 companies and public bodies with 250 employees or more are required to have submitted their median and mean gender pay gap figures to the Government.

The national median gender pay gap is 18.4%.

An estimated 9,000 employers are expected to have to submit such data, with those who miss the deadline potentially facing legal action.

Press Association

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