City banks among worst for gender pay gap

Men at HSBC earn 59 per cent more than women per hour, figures show
PA

Dozens of Britain’s biggest employers were scrambling to beat tonight’s midnight deadline for revealing their gender pay gaps as it emerged major City banks are among the worst offenders.

Almost a quarter of the companies on the FTSE-100 list of Britain’s blue chip businesses had still not submitted their data by this morning.

Major City names with yawning pay gaps as measured by the difference between average hourly earnings for men and women ranked in the top 100, included HSBC on 59 per cent, NM Rothschild on 54.3 per cent, JP Morgan with 54 per cent and Credit Suisse International on 51.2 per cent, but which employs only a third of UK staff. Others in the top 100 “list of shame” included insurer Munich Re with a 59.6 per cent gap, investment group Macquarie (59 per cent) and Canadian bank RBC Europe (51 per cent).

The top 100 is dominated by professional football clubs and airlines as well as financial services businesses.

All employers with more than 250 staff must comply with the Government’s demand for disclosure of their pay gaps at April 2017. The tally on the Government’s database runs to 8,875. More than 40 revealed their 25 per cent highest paid staff did not include a woman.

In London these include satellite and cable television installation company Kelly Communications and railway contractor Cleshar. At rail company Freightliner 99 per cent of top earners are men. Lingerie chain Boux Avenue had a pay gap of 75.4 per cent and all of its lowest 25 per cent of earners are women.

Michelle Kershaw, a director at City law firm Dentons, said: “There is still a long way to go. Businesses must reflect on what they have in place that will make the difference in the long term.”

Of those employers that have published data, 78 per cent pay men more, while 13 per cent pay women more.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in