Bonuses in the three regions ranged from 55 percent to 57 percent lower for women than for men. The Asian numbers are troubling because female bankers have traditionally represented well here, albeit more frequently in private banking than in the macho, deal- and trading-centric world of investment banking.
Senior, Well-Paid Men
HSBC pays women in the U.K. 59 percent less on average than men, while Barclays reported a difference of about 48 percent. At Citigroup, the gap was 44 percent for its two U.K. legal entities.
Bonuses were considerably lower for women: 86 percent at HSBC, 79 percent at Barclays and 67 percent at Citigroup. The British government is hoping the public disclosures will draw attention to the disparities and lead to more efforts to recruit and promote women.
The gender pay gap mirrors the fact that men far outnumber women in senior roles and other top-paid positions. It doesn’t take into account other factors that influence pay such as skills, seniority and market pay rates.
Soft Quotas
Although still wide, the gaps have narrowed with banks under growing pressure from public officials and shareholders. Banks including Mizuho, Standard Chartered, Citi and HSBC have pledged to ensure women occupy at least 30 percent of senior leadership roles in coming years.
„We recognize that a significant cultural change is required to achieve this,“ Michiel de Jong, head of Mizuho’s London investment bank, said in the report. Women represented about 18 percent of his senior managers in January.
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