The biggest gender pay gap – what financial companies pay women and men

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Some financial companies pay women they employ 40% less than they pay men. That’s not for doing the same job (that would be illegal), but that’s the difference between the average hourly rate women earn compared to men. So, which financial companies have the biggest gender pay gap?

The biggest gender pay gap

The gender pay gap is the difference between the average hourly pay of men and women. It’s generally a reflection of the fact there are still more men in senior and/or well paying roles. Companies that have the biggest gender pay gap have the largest difference in what they pay men, on average and what they pay women. Some companies have bigger differences in bonus pay and many employ far more men than women in the best paying roles.

Last April (2018), employers employing 250 people or more had to publish information about their gender pay gap, the pay gap for bonuses and the percentage of women and men who get a bonus. They’ve had to do the same again in 2019. Companies must also explain why their gender pay gap exists and what they plan to do to close it. This information is on their own websites. Where I’ve been able to find a link to their current gender pay gap reports, I’ve included it.

Working out the biggest gender pay gap

The gender pay gap figures are quoted as two types of average – a ‘mean’ and a ‘median’. I’ve used the median throughout this article. For people who aren’t stats geeks(!), the mean is the figure you’d get if you add up all the salaries and divide them by the number of people employed.

To get the median, you list all the figures (in this case, salaries or bonuses) from lowest to highest and the median is the middle figure in that list. This means half the employees are earning more than the median and half are earning less. If there’s an even number of figures, the median is halfway between the two.

The median is accepted as a more accurate measure of an average where you have very high and low numbers.

I’ve decided to compare the gender pay gap this year with last year’s figures, so you can see who’s improved and who hasn’t.

Banks and building societies

Among the banks and building societies, One Savings has the biggest gender pay gap at 44%, with Shawbrook Bank second biggest gender pay gap at 42.6% and Lloyds Bank third worst with a pay gap of 41.7%. M&S Financial Services (M&S Bank) has the smallest gender pay gap at 3%.

Here’s how they rank (from biggest gender pay gap to smallest):

  1. One Savings Bank – trades as Kent Reliance (44%)
  2. Shawbrook Bank (42.6%)
  3. Lloyds Bank (41.7%)
  4. Arbruthnot Bank (40.9%)
  5. Sainsbury’s Bank (38.5%)
  6. Clydesdale Bank (38%
  7. RBS/NatWest (36.8%)
  8. Aldermore Bank (35.5%)
  9. Virgin Money (35%)
  10. Atom Bank (34.9%)
  11. Nottingham Building Society (34%)
  12. HSBC (30%)
  13. Santander (28.6%)
  14. Co-operative Bank and TSB (23.3%
  15. Tesco Bank (18.1%)
  16. Newcastle Building Society (17.9%)
  17. Barclays Bank (14.9%)
  18. Metro Bank (10%)
  19. Post Office (7.9%)
  20. M&S Bank (3%)

Aldermore Bank:

How much less do women get paid an hour? 35.5% less (35.7% less in 2017)

How much less do women get as a bonus? 55.3% less (37.6% less in 2017)

Who gets bonuses? 83% of women and 82% of men (85% of women, 85% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 23% are women and 77% are men (22% women and 78% men in 2017).

Read more in Aldermore Bank’s Gender Pay Gap Report

Arbruthnot Bank

How much less do women get paid an hour? 40.9% less (35% less in 2017)

How much less do women get as a bonus? 60% less (63% less in 2017)

Who gets bonuses? 74.5% of women and 75.3% of men (79% of women and 66% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 13.3% are women and 86.7% are men (14% women and 86% men in 2017)

You’ll find its gender pay gap report on its website.

Atom Bank

How much less do women get paid an hour? 34.9% less (31.6% less in 2017)

How much less do women get as a bonus? 33.9% less (21.1% less in 2017)

Who gets bonuses? 71.6% of women and 76.7% of men (37.5% of women and 40.8% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 26.7% are women and 73.3% are men ( 27.8% women and 72.2% men in 2017)

You can read Atom Bank’s Gender Pay Gap report on its website.

Barclays Bank

How much less do women get paid an hour? 14.9% less (14.2% less in 2017)

How much less do women get as a bonus? 43.7% less (46.9% less in 2017)

Who gets bonuses? 94.8% of women and 92.7 of men (95.2% of women, 93.1% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 44% are women and 56% are men (45% women and 55% men in 2017)

Read more in Barclays Bank’s Gender Pay Gap Report.

Clydesdale Bank

How much less do women get paid an hour? 38% less (36% less in 2017)

How much less do women get as a bonus? 41% less (39% less in 2017)

Who gets bonuses? 94% of women and 93% of men (90% of women, 85% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 35% are women and 65% are men (37% women and 63% men in 2017)

Read more in Clydesdale Bank’s Gender Pay Gap Report

Co-operative Bank

How much less do women get paid an hour? 23.3% less (22.6% less in 2017)

How much less do women get as a bonus? 278% more (65.3% less in 2017)

Who gets bonuses? 0.1% of women, 0.5% of men (23.3% of women, 22.1% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 41% are women, 59% are men (39% women and 61% men in 2017)

The Co-op Bank has published information on its gender pay gap in the Women in Finance section of its website

HSBC

How much less do women get paid an hour? 30% less (29% less in 2017)

How much less do women get as a bonus? 58% less (61% less in 2017)

Who gets bonuses? 86% of women and 88% of men (85% of women, 84% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 33% are women and 67% are men (34% women and 66% men in 2017).

You can find more information in their gender pay gap report 

Lloyds Bank

How much less do women get paid an hour? 41.7% less (42.7% less in 2017)

How much less do women get as a bonus? 66.8% less (60.7% less in 2017)

Who gets bonuses? 93.1% of women and 91.5% of men (93.2% of women, 91.6% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 32.7% are women and 71.3% are men (31.5% women and 68.5% men in 2017)

Lloyds Bank has published its Gender Pay Gap Report on its website.

M&S Financial Services (M&S Bank)

How much less do women get paid an hour? 3% less (2% less in 2017)

How much less do women get as a bonus? 27% less (20% less in 2017)

Who gets bonuses? 88% of women and 85% of men (80% of women, 75% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 63% are women and 37% are men (66% women and 34% men in 2017)

M&S Bank is owned by HSBC so you can find more information in their gender pay gap report 

Metro Bank

How much less do women get paid an hour? 10% less (13.5% less in 2017)

How much less do women get as a bonus? 29% less (24% less in 2017)

Who gets bonuses? 72.1% of women and 73.3% of men (68.6% of women, 65.1% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 32% are women and 68% are men (30% women and 70% men in 2017)

Read more about Metro Bank’s gender pay gap on its website.

NatWest Bank (see Royal Bank of Scotland)

Newcastle Building Society

How much less do women get paid an hour? 17.9% less (16.9% less in 2017)

How much less do women get as a bonus? 8% less (10.1% less in 2017)

Who gets bonuses? 89% of women and 88% of men (94% of women, 86% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 59.2% are women and 40.8% are men (55.4% women and 44.6% men in 2017)

Read more in its Gender Pay Gap Report.

Nottingham Building Society

How much less do women get paid an hour? 34% less (35.4% less in 2017)

How much less do women get as a bonus?39% less (43% less in 2017)

Who gets bonuses? 87.3% of women, 85.9% of men (90% of women, 87% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 47% are women and 53% are men (45% women and 55% men in 2017)

There’s more in its Gender Pay Gap Report.

OneSavings Bank (trades as Kent Reliance)

How much less do women get paid an hour? 44% less (46% less in 2017)

How much less do women get as a bonus? 78% less (77% less in 2017)

Who gets bonuses? 60% of women, 59% of men (58% of women, 60% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 25% are women and 75% are men (30% women, 70% men in 2017)

Read more in OneSavings Bank’s Gender Pay Gap Report.

Post Office

How much less do women get paid an hour? 7.9% less (13.1% less in 2017)

How much less do women get as a bonus? 23% less (16.8% less in 2017)

Who gets bonuses? 90.1% of women and 90.7% of men (93.2% of women, 91.8% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 44.4% are women and 55.6% are men (38% women and 62% men in 2017).

Read more in the Post Office Gender Pay Gap Report.

Royal Bank of Scotland (which includes NatWest Bank)

How much less do women get paid an hour? 36.8% less (36.5% less in 2017)

How much less do women get as a bonus? 44% less (36.6% less in 2017)

Who gets bonuses? 50% of women and 61.5% of men (51.6% of women, 64.2% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 31% are women and 69% are men (30.3% women and 69.7% men in 2017)

RBS has published its gender pay gap report in the diversity and inclusion section of its website.

Sainsbury’s Bank

How much less do women get paid an hour? 38.5% less (45% less in 2017)

How much less do women get as a bonus? 90.4% less (91.3% less in 2017)

Who gets bonuses? 52% of women and 54.3% of men (49.7% of women, 54.6% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 43.9% are women and 56.1% are men (41% women and 59% men in 2017)

Read more in Sainsbury’s Bank’s Gender Pay Gap Report.

Santander

How much less do women get paid an hour? 28.6% less (29.1% less in 2017)

How much less do women get as a bonus? 41% less (40.5% less in 2017)

Who gets bonuses? 92.6% of women and 91.8% of men (91.1% of women, 90.3% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 37.15 are women and 62.9% are men (36% women and 64% men in 2017)

Santander’s gender pay gap report is in the diversity section of its careers website.

Shawbrook Bank 

How much less do women get paid an hour? 42.6% less (42.2% less in 2017)

How much less do women get as a bonus? 54.9% less (57.9% less in 2017)

Who gets bonuses? 88% of women and 82.6% of men (82.2% of women, 76.3% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 21.4% are women and 78.6% are men (18.2% women and 81.8% men in 2017)

You can download Shawbrook Bank’s Gender Pay Gap Report.

Tesco Bank

How much less do women get paid an hour? 18.1% less (14.6% less in 2017)

How much less do women get as a bonus? 25.6% less (21.6% less in 2017)

Who gets bonuses? 79.4% of women and 80.2% of men (69.3% of women, 64.8% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 33.6% are women and 66.4% are men (35.2% women and 64.8% men in 2017)

Tesco Bank has its gender pay gap report in the sustainability section of its website.

TSB

How much less do women get paid an hour? 23.3% less (24% less in 2017)

How much less do women get as a bonus? 33.6% less (37% less in 2017)

Who gets bonuses? 93.1% of women and 89.9% of men (88% of women, 84% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 47.4% are women and 52.6% are men (48% women and 52% me in 2017).

Read more in TSB’s Gender Pay Gap Report

Virgin Money

How much less do women get paid an hour? 35% less (38.4% less in 2017)

How much less do women get as a bonus? 40.6% less (40.7% less in 2017)

Who gets bonuses? 92.9% of women and 88.8% of men (88.7% of women, 90.1% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 37% are women and 63% are men( 35% women and 65% men in 2017).

Read more in Virgin Money’s Gender Pay Gap Report

Credit card providers

Capital One

How much less do women get paid an hour? 28.8% (30.9% less in 2017)

How much less do women get as a bonus? 41.2% less (44% less in 2017)

Who gets bonuses? 92.9% of women and 92.3% of men (90.9% of women, 86.4% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 23% are women and 77% are men (23% women and 77% men in 2017)

Read more in the gender diversity section of Capital One’s website.

MBNA

How much less do women get paid an hour? 19% less (same as in 2017)

How much less do women get as a bonus? 23.1% less (22% less in 2017)

Who gets bonuses? 84.5% of women and 90.3% of men (93% of women, 93% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 41.9% are women and 58.1% are men (43% women and 57% men in 2017)

Find out more in MBNA is owned by Lloyds Banking Group, so you can find its gender pay gap report on the Lloyds Banking Group website.

Investment management/asset management companies

Among the asset managers, Rathbone has the biggest gender pay gap of 47%. Royal London lists its asset management gender pay gap separately (although it’s only required to report on a company level). If you look at its asset management gender pay gap, it’s over 50%.

Here’s how they rank (from biggest gender pay gap to smallest):

  1. Rathbone (43%)
  2. Investec (37.6%)
  3. HSBC (35%)
  4. Invesco (33%)
  5. First State (31.8%)
  6. Merian (31%)
  7. Standard Life (now Standard Life Aberdeen) (31%)
  8. Insight Investments (28.1%)
  9. Jupiter (28%)
  10. Schroders (26.6%)
  11. Hermes (24.5%)
  12. Legal & General (22.8%)
  13. Newton (22%)
  14. BlackRock (20%)
  15. Aberdeen (now Standard Life Aberdeen) (19%)
  16. Franklin Templeton (18.7%)
  17. Baillie Gifford (18.2%)
  18. Vanguard (18.1%)
  19. State Street (17.7%)
  20. Alliance Trust Savings (16%)

Aberdeen Asset Management (now part of StandardLifeAberdeen)

How much less do women get paid an hour? 19% less (20% less in 2017)

How much less do women get as a bonus? 30% less (42% less in 2017)

Who gets bonuses? 91% of women and 89% of men (93% of women, 85% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 30% are women and 70% are men (29% women and 71% men in 2017)

You can read more in its Gender Pay Gap Report on its Standard Life Aberdeen’s website.

Alliance Trust Savings

How much less do women get paid an hour? 16% less (19% less in 2017)

How much less do women get as a bonus? 0% less (16% less in 2017)

Who gets bonuses? 52% of women and 48% of men (80% of women, 86% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 35% are women and 65% are men (28.6% women and 71.4% men in 2017)

Find out more in the gender pay gap report on Alliance Trust Savings’ website.

Baillie Gifford

How much less do women get paid an hour? 18.2% less (17.9% less in 2017)

How much less do women get as a bonus? 23.1% less (25.5% less in 2017)

Who gets bonuses? 96.3% of women and 95.7% of men (97.9% of women, 98.3% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 35.2% are women and 57.7% are men (32.8% women and 67.2% men in 2017)

Read more in Baillie Gifford’s Gender Pay Gap Report.

BlackRock Investment Management

How much less do women get paid an hour? 20% less (23% less in 2017)

How much less do women get as a bonus? 30% less (41% less in 2017)

Who gets bonuses? 92% of women and 93% of men (93% of women, 94% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 28% are women and 72% are men (25% are women and 75% are men in 2017)

Read BlackRock’s full Gender Pay Gap Report.

First State Investments

How much less do women get paid an hour? 31.8% less (30.8% less in 2017)

How much less do women get as a bonus? 61.3% less (57.2% less in 2017)

Who gets bonuses? 86% of women, 87% of men (79.1% of women, 87.2% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 29.1% are women and 70.9% are men (24.7% women and 75.3% men in 2017)

Read more in First State Investments’ Gender Pay Gap Report

Franklin Templeton Global Investors

How much less do women get paid an hour? 18.7% less (20.4% less in 2017)

How much less do women get as a bonus? 30% less (34.9% less in 2017)

Who gets bonuses? 92.4% of women, 91.4% of men (94% of women, 92.8% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 39% are women and 61% are men (33.3% women and 66.7% men in 2017)

You can read more in the diversity at work section of the company’s website.

Hermes Fund Managers

How much less do women get paid an hour? 24.5% less (24.4% less in 2017)

How much less do women get as a bonus? 59% less (56.7% less in 2017)

Who gets bonuses? 88.1% of women, 88.7% of men (88.1% of women, 91.1% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 19.4% are women and 80.6% are men (15.9% women and 84.1% men in 2017)

Find out more in Hermes’ Gender Pay Gap Report.

HSBC Global Investors

How much less do women get paid an hour? 35% less (39% less in 2017)

How much less do women get as a bonus? 55% less (61% less in 2017)

Who gets bonuses? 95% of women and 96% of men (95% of women, 95% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 16% are women and 84% are men (17% women and 83% men in 2017)

You can find out more on the diversity and inclusion section of its website.

Insight Investment 

How much less do women get paid an hour? 28.1% less (32% less in 2017)

How much less do women get as a bonus? 65.6% less (64% less in 2017)

Who gets bonuses? 93.2% of women and 94.5% of men (92% of women, 96% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 17.6% are women and 82.4% are men (16% women and 84% men in 2017)

Download Insight Investment’s Gender Pay Gap Report.

Invesco UK Ltd

How much less do women get paid an hour? 33% less (30% less in 2017)

How much less do women get as a bonus? 58% less (58% less in 2017)

Who gets bonuses? 94% of women, 94% of men (94% of women, 94% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 14% are women and 86% are men.

Read more on the diversity and inclusion section of Invesco’s website.

Investec Asset Management

How much less do women get paid an hour? 37.6% less (43.4% less in 2017)

How much less do women get as a bonus? 56.9% less (57.8% less in 2017)

Who gets bonuses? 84.3% of women and 82.7% of men (81% of women, 80.3% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 18.3% are women and 81.7% are men (20.2% women and 79.8% men in 2017)

You can read more in Investec’s Gender Pay Gap Report.

Jupiter Asset Management

How much less do women get paid an hour? 28% less (25% less in 2017)

How much less do women get as a bonus? 55% less (52% less in 2017)

Who gets bonuses? 88% of women, 91% of men (92% of women, 91% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 18% are women and 82% are men (24% women and 76% men in 2017)

Read more in Jupiter’s Gender Pay Gap Report.

Legal & General Investment Management

How much less do women get paid an hour? 22.8% less (21.4% less in 2017)

How much less do women get as a bonus? 58.3% less (55.2% less in 2017)

Who gets bonuses? 87.8% of women and 93% of men (89.8% of women, 93.4% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 21.2% are women, 78.8% are men (20% women and 80% men in 2017)

Read Legal & General’s Gender Pay Gap Report here.

Newton Investment Management

How much less do women get paid an hour? 22% less (20% less in 2017)

How much less do women get as a bonus? 59% less (57% less in 2017)

Who gets bonuses? 95% of women, 98% of men (96% of women, 98% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 21% are women and 79% are men (23% women and 77% men in 2017)

Read the full Gender Pay Gap Report on Newton’s website.

Merian Global Investors (used to be Old Mutual Global Investors)

How much less do women get paid an hour? 32% less (31% less in 2017)

How much less do women get as a bonus? 57% less (65% less in 2017)

Who gets bonuses? 94% of women, 94% of men (87% of women, 92% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 16% are women and 84% are men (15% women and 85% men in 2017)

Find out more in Merian’s Gender Pay Gap Report.

Rathbone Brothers 

How much less do women get paid an hour? 43% less (47.2% less in 2017)

How much less do women get as a bonus? 79.2% less (84.7% less in 2017)

Who gets bonuses? 96.2% of women and 97.2% of men (92.2% of women, 89.9% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 20% are women and 80% are men (20% women and 80% men in 2017)

Read more in Rathbone Brothers’ Gender Pay Gap Report.

Schroder Investment Management

How much less do women get paid an hour? 26.6% less (28.9% less in 2017)

How much less do women get as a bonus? 52% less (60% less in 2017)

Who gets bonuses? 87.9% of women and 92.1% of men (90.8% of women, 92.8% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 17.5% are women and 82.5% are men) 18% women and 82% men in 2017)

Read more in Schroder’s Gender Pay Gap Report .

Standard Life Aberdeen

How much less do women get paid an hour? 31% less (31% less in 2017)

How much less do women get as a bonus? 57% less (53% less in 2017)

Who gets bonuses? 93% of women, 93% of men (94% of women, 93% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 27% are women and 73% are men (28% women and 72% men in 2017)

You can read more in its Gender Pay Gap Report on StandardlifeAberdeen’s website.

State Street Global Advisers

How much less do women get paid an hour? 17.7% less (11.8% less in 2017

How much less do women get as a bonus? 32.8% less (24% less in 2017)

Who gets bonuses? 93% of women and 96% of men (88% of women, 93% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 33% are women and 67% are men (37% women and 63% men in 2017)

Read more in the 2018 Gender Pay Gap Report.

Vanguard

How much less do women get paid an hour? 18.1% less (23.9% less in 2017)

How much less do women get as a bonus? 50.4% less (53.4% less in 2017)

Who gets bonuses? 92.6% of women and 94% of men (89.8% of women, 91.2% of men in 2017)

Female/male split in earnings: In the top 25% of earners, 28.4% are women and 71.6% are men (23.6% women and 76.4% men in 2017)

You can read more in Vanguard’s Gender Pay Gap Report.

You can search for your own financial provider’s gender pay gap figures on the government gender pay gap website.

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