British bank Barclays pays female employees at its investment bank division just under half as much as male colleagues on average, highlighting the banking industry’s gender imbalances.
The gender pay gap widened to 79 per cent for discretionary bonuses paid to employees at its international unit, which houses the corporate and investment bank, the London-based company disclosed.
Barclays is the first major bank with British operations to disclose such data. Women earned 26 per cent less than men and received bonuses that were 60 percent lower, according to its annual report.
Barclays was “confident that men and women across our organisation are paid equally for doing the same job,” chief executive Officer Jes Staley told reporters Thursday.
“I want to make it clear that Barclays is doing its part in the long evolution of providing gender equality. We are not going to give absolute targets, but we’d like to get the gap down.”
The disparity in Barclays’s gender pay is exacerbated by a disproportionate number of men in senior positions at the bank.
The bank employs 79,900 globally, of which about 44 percent are female. Of the 555 senior managers, less than a third are women.
There is only one woman on Barclays’s nine-member group executive committee, Laura Padovani, who is the firm’s interim chief compliance officer.
The gap in pay at Barclays was “shocking,” said lawmaker Nicky Morgan, chair of the UK parliament’s Treasury Committee.
“One way of reducing the gender pay gap is to increase the proportion of women in more senior roles, so it appears that Barclays is on the right track.”
So far, fewer than 1,200 companies have provided the newly required disclosures, out of more than 9,000 estimated to be eligible, according to a UK government website.
Banks including HSBC Holdings Plc, Goldman Sachs Group, or JPMorgan Chase & Co are yet to disclose their numbers.
Firms with 250 employees or more in Britain have until April 4 to report the difference between what men and women earn.
– The Washington Post