HSBC admits to 60% gender pay gap

HSBC admits to 60% gender pay gap

Figures from Europe's biggest bank on Thursday showed a gap in average hourly pay of 59% previous year, the biggest yet disclosed by a British bank.

In common with other banks, HSBC said its pay gap was largely accounted for by the bank having fewer women in senior roles.

The bank said it would "request" the presence of at least one woman on shortlists for leadership roles to even out the pay gap.

It also reported a 59% gap in hourly pay in the past year. Of the 2,300 companies that have reported thus far, the financial services industry has revealed some of the biggest pay gaps.

Lloyds Banking Group (LLOY.L) and Royal Bank of Scotland (RBS.L) reported gender pay gaps of 32.8 percent and 37 percent respectively.

A so-called "adjusted" gender pay gap for men and women in comparable jobs and with comparable qualifications was about 6 percent.

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Marco Gobbetti, chief executive of Burberry, said: "With women making up 70% of our 3,500 employees in the United Kingdom, we are committed to narrowing this gap as we work to develop more women leaders to drive the growth and success of our business".

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.

Among large companies, EasyJet, the no-frills airline, previously had the highest mean gender pay gap, at 51.7%. "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".

The median figure refers to the midpoint of all salaries from lowest to highest, while the mean describes the total wage bill divided by the number of employees, "which means it can be skewed by a small number of very highly paid workers", says the BBC.

Barclays said last month it paid women in its global division, which houses its investment bank, on average 48 percent of what men earned in fixed pay.

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