Women graduate straight into gender pay gap

HSBC HQ in Canary Whaf

HSBC's female staff in the United Kingdom are paid 60 per cent less than men, according to gender pay gap data which reveal one of the biggest differences among the big banks who have reported so far. In common with other banks, HSBC's pay gap was largely accounted for by the bank having fewer women in senior roles.

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

In January the Financial Times reported that Research Now, an online market research company based in Texas, had the largest gender pay gap recorded by the UK Government.

Men earned on average 21.00 euros an hour in 2017, compared with 16.59 euros for women, the Office said.

The pay gaps have drawn criticism from lawmakers and are likely to spur questions from investors in the upcoming season for shareholder meetings, with stock prices and future earnings potential strongly linked to banks' efforts to revive their reputations in the wake of the global financial crisis.

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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.

"We are making progress".

All private and public sector organisations and charities with more than 250 employees are required to submit their pay figures to the government by April under the new scheme.

EasyJet and Virgin Money are among those that have revealed a gap of more than 30% in the mean hourly pay rates between male and female workers. The company said the disparity was the result of employing more men than women in senior roles immediately below its executive team. "The difference between male and female median earnings also increases with years after graduation - male earnings were 9% larger than female earnings one year after graduation, 11% larger at three years after graduation, 13% larger five years after graduation and 30% larger at 10 years after graduation".

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