British bank HSBC to disclose 59 percent gender pay gap

British bank HSBC to disclose 59 percent gender pay gap

HSBC (HSBA.L) will reveal a gender pay gap of 59 percent at its main United Kingdom banking operation, the biggest yet disclosed by a British bank, according to a copy of the lender's report on the subject seen by Reuters on Thursday ahead of its publication. For employees that received bonuses, the median gender pay gap for the variable compensation was 86%.

Meanwhile, women hold 67% of the bank's junior roles.

Female graduates start on a median salary of £18,300 compared with £19,900 for men, and the £1,600 pay gap gets bigger over time.

A spokeswoman for the bank confirmed the contents of the report.

The median gap, which takes the mid-point when all wage rates are lined up from the biggest to smallest as a way to reduce the impact of one-off outliers, remained steady at 29%.

HSBC has reported a 29% median gender pay gap for its United Kingdom banking operations. (The median pay gap in the United Kingdom was 9.1% a year ago, according to the Office for National Statistics.) At HSBC, the disparity between the mean and median pay gaps is further evidence of how few women there are in higher paid positions.

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. Other firms are yet to submit figures ahead of the April 4 deadline set by Theresa May. About 2,250 have filed figures so far, but the legislation is expected to affect about 9,000 companies, which collectively employ more than 15 million people.

On Thursday, British luxury brand Burberry revealed that its female staff earned an average 25.9% less per hour, despite making up the majority of employees at every pay quartile.

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 women held only 23 percent of senior leadership positions in its workforce in Britain, despite accounting for more than half of total staff.

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