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.

By April, employers employing 250 people or more must publish information about their gender pay gap, the pay gap for bonuses and the percentage of women and men who get a bonus. 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 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 two.

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.

Banks and building societies

Among the banks and building societies, One Savings has the biggest gender pay gap at 46%, with Sainsbury’s Bank second at 45% and Lloyds Bank third with a pay gap of 42.7%. M&S Financial Services (M&S Bank) has the smallest gender pay gap at 2%. It’s also the only financial company where more women than men are in the top 25% of earners.

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

  1. One Savings Bank – trades as Kent Reliance (46%)
  2. Sainsbury’s Bank (45%)
  3. Lloyds Bank (42.7%)
  4. Shawbrook Bank (42.2%)
  5. Virgin Money (38.4%)
  6. RBS/NatWest (36.5%)
  7. Clydesdale Bank (36%)
  8. Nottingham Building Society (35.4%)
  9. Arbruthnot Bank (35%)
  10. Aldermore Bank (35.7%)
  11. Atom Bank (31.6%)
  12. Santander (29.1%)
  13. HSBC (29%)
  14. TSB (24%)
  15. Clydesdale Bank (22.6%)
  16. Co-operative Bank (22.6%)
  17. Newcastle Building Society (16.9%)
  18. Tesco Bank (14.6%)
  19. Barclays Bank (14.2%)
  20. Metro Bank (13.5%)
  21. Post Office (13.1%)
  22. M&S Bank (2%)

Aldermore Bank:

How much less do women get paid an hour? 35.7% less

How much less do women get as a bonus? 37.6% less

Who gets bonuses? 85% of women, 85% of men

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

Read more in Aldermore Bank’s Gender Pay Gap Report

Arbruthnot Bank

How much less do women get paid an hour? 35% less

How much less do women get as a bonus? 63% less

Who gets bonuses? 79% of women, 66% of men

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

You’ll find its gender pay gap report on the further information page of its website.

Atom Bank

How much less do women get paid an hour? 31.6% less

How much less do women get as a bonus? 21.1% less

Who gets bonuses? 37.5% of women, 40.8% of men

Female/male split in earnings: In the top 25% of earners, 27.8% are women and 72.2% are men.

You can read Atom Bank’s Gender Pay Gap report in the careers section of its website. Be warned that it’s quite hard to find – it’s right at the bottom of the website.

Barclays Bank

How much less do women get paid an hour? 14.2% less (NB When I originally wrote this article, the government’s gender pay gap website showed Barclays’ gender pay gap as 43.5%. That’s the Barclays Group gender pay gap, not Barclays Bank UK, which is now showing on the government’s website).

How much less do women get as a bonus? 46.9% less

Who gets bonuses? 95.2% of women, 93.1% of men

Female/male split in earnings: In the top 25% of earners, 45% are women and 81% are men.

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

Clydesdale Bank

How much less do women get paid an hour? 36% less

How much less do women get as a bonus? 39% less

Who gets bonuses? 90% of women, 85% of men

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

Read more in Clydesdale Bank’s Gender Pay Gap Report

Co-operative Bank

How much less do women get paid an hour? 22.6% less

How much less do women get as a bonus? 65.3% less

Who gets bonuses? 23.3% of women, 22.1% of men

Female/male split in earnings: In the top 25% of earners, 39% are women and 61% are men.

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? 29% less

How much less do women get as a bonus? 61% less

Who gets bonuses? 85% of women, 84% of men

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

I can’t currently link to their gender pay gap report as I couldn’t find a specific link to it, but you can find it on their home page

Lloyds Bank

How much less do women get paid an hour? 42.7% less

How much less do women get as a bonus? 60.7% less

Who gets bonuses? 93.2% of women, 91.6% of men

Female/male split in earnings: In the top 25% of earners, 31.5% are women and 68.5% are men.

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? 2% less

How much less do women get as a bonus? 20% less

Who gets bonuses? 80% of women, 75% of men

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

I couldn’t find a link for its gender pay gap report. M&S Bank is owned by HSBC so I think it’s the way HSBC is displaying its reports that’s causing a problem.

Metro Bank

How much less do women get paid an hour? 13.5% less

How much less do women get as a bonus? 24% less

Who gets bonuses? 68.6% of women, 65.1% of men

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

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

NatWest Bank (see Royal Bank of Scotland)

Newcastle Building Society

How much less do women get paid an hour? 16.9% less

How much less do women get as a bonus? 10.1% less

Who gets bonuses? 94% of women, 86% of men

Female/male split in earnings: In the top 25% of earners, 55.4% are women and 44.6% are men.

Read more in its Gender Pay Gap Report.

Nottingham Building Society

How much less do women get paid an hour? 35.4% less

How much less do women get as a bonus? 43% less

Who gets bonuses? 90% of women, 87% of men

Female/male split in earnings: In the top 25% of earners, 45% are women and 55% are men.

There’s more in its Gender Pay Gap Report.

OneSavings Bank (trades as Kent Reliance)

How much less do women get paid an hour? 46% less

How much less do women get as a bonus? 77% less

Who gets bonuses? 58% of women, 60% of men

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

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

Royal Bank of Scotland (which includes NatWest Bank)

How much less do women get paid an hour? 36.5% less

How much less do women get as a bonus? 36.6% less

Who gets bonuses? 51.6% of women, 64.2% of men

Female/male split in earnings: In the top 25% of earners, 30.3% are women and 69.7% are men.

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

Post Office

How much less do women get paid an hour? 13.1% less

How much less do women get as a bonus? 16.8% less

Who gets bonuses? 93.2% of women, 91.8% of men

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

Read more in the Post Office Gender Pay Gap Report.

Sainsbury’s Bank

How much less do women get paid an hour? 45% less

How much less do women get as a bonus? 91.3% less

Who gets bonuses? 49.7% of women, 54.6% of men

Female/male split in earnings: In the top 25% of earners, 41% are women and 59% are men.

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

Santander

How much less do women get paid an hour? 29.1% less

How much less do women get as a bonus? 40.5% less

Who gets bonuses? 91.1% of women, 90.3% of men

Female/male split in earnings: In the top 25% of earners, 36% are women and 64% are men.

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? 42.2% less

How much less do women get as a bonus? 57.9% less

Who gets bonuses? 82.2% of women, 76.3% of men

Female/male split in earnings: In the top 25% of earners, 18.2% are women and 81.8% are men.

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

Tesco Bank

How much less do women get paid an hour? 14.6% less

How much less do women get as a bonus? 21.6% less

Who gets bonuses? 69.3% of women, 64.8% of men

Female/male split in earnings: In the top 25% of earners, 35.2% are women and 64.8% are men.

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

TSB

How much less do women get paid an hour? 24% less

How much less do women get as a bonus? 37% less

Who gets bonuses? 88% of women, 84% of men

Female/male split in earnings: In the top 25% of earners, 48% are women and 52% are men.

Read more in TSB’s Gender Pay Gap Report

Virgin Money

How much less do women get paid an hour? 38.4% less

How much less do women get as a bonus? 40.7% less

Who gets bonuses? 88.7% of women, 90.1% of men

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

Read more in Virgin Money’s Gender Pay Gap Report

Credit card providers

Capital One

How much less do women get paid an hour? 30.9% less

How much less do women get as a bonus? 44% less

Who gets bonuses? 90.9% of women, 86.4% of men

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

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

MBNA

How much less do women get paid an hour? 19% less

How much less do women get as a bonus? 22% less

Who gets bonuses? 93% of women, 93% of men

Female/male split in earnings: In the top 25% of earners, 43% are women and 57% are men.

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

Insurance and mortgage brokers

Lifesearch (life insurance and income protection brokers)

How much less do women get paid an hour? 12.9% less

How much less do women get as a bonus? 41.5% less

Who gets bonuses? 97% of women, 99% of men

Female/male split in earnings: In the top 25% of earners, 25% are women and 75% are men.

You can read Lifesearch’s gender pay gap report on the careers section of its website.

London & Country (mortgage brokers)

How much less do women get paid an hour? 23.6% less

How much less do women get as a bonus? 77.9% less

Who gets bonuses? 78.6% of women, 85.5% of men

Female/male split in earnings: In the top 25% of earners, 8.8% are women and 91.2% are men.

Read more in London & Country’s Gender Pay Gap Report.

Insurers’ gender pay gap

Among the insurers, AIG has the biggest gender pay gap at over 30%. Insure and Go has a negative gender pay gap, with women earning more, on average, than men.

Admiral Insurance:

How much less do women get paid an hour? 5.1% less

How much less do women get as a bonus? 35% less

Who gets bonuses? 87.9% of women, 91.5% of men

Female/male split in earnings: In the top 25% of earners, 39% are women and 61% are men.

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

Ageas Insurance:

How much less do women get paid an hour? 29.3% less

How much less do women get as a bonus? 40.4% less

Who gets bonuses? 94.7% of women, 92.4% of men

Female/male split in earnings: In the top 25% of earners, 30.2% are women and 69.8% are men.

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

AIG Europe Insurance:

How much less do women get paid an hour? 34% less

How much less do women get as a bonus? 53% less

Who gets bonuses? 95% of women, 95% of men

Female/male split in earnings: In the top 25% of earners, 21% are women and 79% are men.

You can read more in its Gender Pay Gap report on AIG’s website.

AXA PPP

How much less do women get paid an hour? 7.6% less

How much less do women get as a bonus? 25.5% less

Who gets bonuses? 97.1% of women, 97.3% of men

Female/male split in earnings: In the top 25% of earners, 49.2% are women and 50.8% are men.

Read more in AXA PPP’s Gender Pay Gap Report.

Direct Line

How much less do women get paid an hour? 14.7% less

How much less do women get as a bonus? 31% less

Who gets bonuses? 57.7% of women, 71.4% of men

Female/male split in earnings: In the top 25% of earners, 33.8% are women and 66.2% are men.

There’s more information in the human rights and diversity section of Direct Line’s website.

Ecclesiastical Insurance

How much less do women get paid an hour? 25% less

How much less do women get as a bonus? 33.1% less

Who gets bonuses? 99% of women, 98.1% of men

Female/male split in earnings: In the top 25% of earners, 31.2% are women and 68.8% are men.

Read more in Ecclesiastical’s Gender Pay Gap Report.

Esure

How much less do women get paid an hour? 10.4% less

How much less do women get as a bonus? 24.2% less

Who gets bonuses? 94.3% of women, 93.9% of men

Female/male split in earnings: In the top 25% of earners, 37.5% are women and 62.5% are men.

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

Insure & Go

How much less do women get paid an hour? Women get paid 2.6% more

How much less do women get as a bonus? 6.6% less

Who gets bonuses? 78.9% of women, 83.1% of men

Female/male split in earnings: In the top 25% of earners, 60.6% are women and 39.4% are men.

Liverpool Victoria

How much less do women get paid an hour? 23.5% less

How much less do women get as a bonus? 36.6% less

Who gets bonuses? 91.8% of women, 92.1% of men

Female/male split in earnings: In the top 25% of earners, 32.6% are women and 67.4% are men.

Read more in Liverpool Victoria’s Gender Pay Gap Report.

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 to smallest gender pay gap):

  1. Rathbone (47.2%)
  2. Investec (43.4%)
  3. HSBC (39%)
  4. Insight Investments (32%)
  5. Invesco (30%)
  6. Old Mutual (31%)
  7. Standard Life (31%)
  8. First State (30.8%)
  9. Schroders (28.9%)
  10. Royal London (28.4%) – 50.1% in its asset management division.
  11. Jupiter (25%)
  12. Hermes (24.4%)
  13. Vanguard (23.9%)
  14. BlackRock (23%)
  15. Legal & General (21.4%)
  16. Franklin Templeton (20.4%)
  17. Aberdeen (20%)
  18. Newton (20%)
  19. Alliance Trust Savings (19%)
  20. Baillie Gifford (17.9%)

Aberdeen Asset Management (since merged with Standard Life)

How much less do women get paid an hour? 20% less

How much less do women get as a bonus? 42% less

Who gets bonuses? 93% of women, 85% of men

Female/male split in earnings: In the top 25% of earners, 29% are women and 71% are men.

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

Alliance Trust Savings

How much less do women get paid an hour? 19% less

How much less do women get as a bonus? 16% less

Who gets bonuses? 80% of women, 86% of men

Female/male split in earnings: In the top 25% of earners, 28.6% are women and 71.4% are men.

Find out more on the careers section of Alliance Trust Savings’ website.

Baillie Gifford

How much less do women get paid an hour? 17.9% less

How much less do women get as a bonus? 25.5% less

Who gets bonuses? 97.9% of women, 98.3% of men

Female/male split in earnings: In the top 25% of earners, 32.8% are women and 67.2% are men.

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

BlackRock

How much less do women get paid an hour? 23% less

How much less do women get as a bonus? 41% less

Who gets bonuses? 93% of women, 94% of men

Female/male split in earnings: In the top 25% of earners, 25% are women and 75% are men.

Read BlackRock’s full Gender Pay Gap Report.

First State Investments

How much less do women get paid an hour? 30.8% less

How much less do women get as a bonus? 57.2% less

Who gets bonuses? 79.1% of women, 87.2% of men

Female/male split in earnings: In the top 25% of earners, 24.7% are women and 75.3% are men.

Read more in First State Investments’ Gender Pay Gap Report

Franklin Templeton Global Investors

How much less do women get paid an hour? 20.4% less

How much less do women get as a bonus? 34.9% less

Who gets bonuses? 94% of women, 92.8% of men

Female/male split in earnings: In the top 25% of earners, 33.3% are women and 66.7% are men.

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? 24.4% less

How much less do women get as a bonus? 56.7% less

Who gets bonuses? 88.1% of women, 91.1% of men

Female/male split in earnings: In the top 25% of earners, 15.9% are women and 84.1% are men.

Find out more in Hermes’ Gender Pay Gap Report.

HSBC Asset Management

How much less do women get paid an hour? 39% less

How much less do women get as a bonus? 61% less

Who gets bonuses? 95% of women, 95% of men

Female/male split in earnings: In the top 25% of earners, 17% are women and 83% are men.

As with HSBC Bank, I couldn’t find a specific link to its gender pay gap report, although it is on the company’s website.

Insight Investment 

How much less do women get paid an hour? 32% less

How much less do women get as a bonus? 64% less

Who gets bonuses? 92% of women, 96% of men

Female/male split in earnings: In the top 25% of earners, 16% are women and 84% are men.

Download Insight Investment’s Gender Pay Gap Report.

Invesco

How much less do women get paid an hour? 30% less

How much less do women get as a bonus? 58% less

Who gets bonuses? 94% of women, 94% of men

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

How much less do women get paid an hour? 43.4% less

How much less do women get as a bonus? 57.8% less

Who gets bonuses? 81% of women, 80.3% of men

Female/male split in earnings: In the top 25% of earners, 20.2% are women and 79.8% are men.

Jupiter Asset Management

How much less do women get paid an hour? 25% less

How much less do women get as a bonus? 52% less

Who gets bonuses? 92% of women, 91% of men

Female/male split in earnings: In the top 25% of earners, 24% are women and 76% are men.

Read more in Jupiter’s Gender Pay Gap Report.

Legal & General Investment Management

How much less do women get paid an hour? 21.4% less

How much less do women get as a bonus? 55.2% less

Who gets bonuses? 89.8% of women, 93.4% of men

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

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

Newton Investment Management

How much less do women get paid an hour? 20% less

How much less do women get as a bonus? 57% less

Who gets bonuses? 96% of women, 98% of men

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

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

Old Mutual Global Investors

How much less do women get paid an hour? 31% less

How much less do women get as a bonus? 65% less

Who gets bonuses? 87% of women, 92% of men

Female/male split in earnings: In the top 25% of earners, 15% are women and 85% are men.

Find out more in Old Mutual’s Gender Pay Gap Report.

Rathbone

How much less do women get paid an hour? 47.2% less

How much less do women get as a bonus? 84.7% less

Who gets bonuses? 92.2% of women, 89.9% of men

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

Read more in the corporate social responsibility section of Rathbone’s website.

Royal London (it’s a pensions and insurance company but does asset management as well)

How much less do women get paid an hour? 28.4% less (in asset management, it’s 50.1%

How much less do women get as a bonus? 43.7% less (in asset management it’s 71.8%)

Who gets bonuses? 89.4% of women, 88.3% of men (in asset management it’s 94% of women and men)

Female/male split in earnings: In the top 25% of earners, 30.1% are women and 69.9% are men (in asset management it’s 6% of women and 94% of men).

Read more in the diversity and inclusion section of Royal London’s website.

Schroder Investment Management

How much less do women get paid an hour? 28.9% less

How much less do women get as a bonus? 60% less

Who gets bonuses? 90.8% of women, 92.8% of men

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

Schroder’s gender pay gap report is on the diversity and inclusion section of its website.

Standard Life

How much less do women get paid an hour? 31% less

How much less do women get as a bonus? 53% less

Who gets bonuses? 94% of women, 93% of men

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

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? 11.8% less

How much less do women get as a bonus? 24% less

Who gets bonuses? 88% of women, 93% of men

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

Read more in the 2017 Gender Pay Gap Report.

Vanguard

How much less do women get paid an hour? 23.9% less

How much less do women get as a bonus? 53.4% less

Who gets bonuses? 89.8% of women, 91.2% of men

Female/male split in earnings: In the top 25% of earners, 23.6% are women and 76.4% are men.

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

Financial advisers, wealth managers, investment platforms, stockbrokers and stock exchanges

Bestinvest

How much less do women get paid an hour? 31.3% less

How much less do women get as a bonus? 62.5% less

Who gets bonuses? 63% of women, 78.1% of men

Female/male split in earnings: In the top 25% of earners, 19.1% are women and 80.9% are men.

Find out more in Bestinvest’s Gender Pay Gap Report on its website.

Brewin Dolpin (stockbrokers)

How much less do women get paid an hour? 40.7% less

How much less do women get as a bonus? 62.5% less

Who gets bonuses? 88% of women, 87% of men

Female/male split in earnings: In the top 25% of earners, 16% are women and 84% are men.

Read Brewin Dolphin’s full Gender Pay Gap Report on its website.

Charles Stanley 

How much less do women get paid an hour? 31.9% less

How much less do women get as a bonus? 56.1% less

Who gets bonuses? 81.6% of women, 83.9% of men

Female/male split in earnings: In the top 25% of earners, 15.6% are women and 84.4% are men.

You can download Charles Stanley’s gender pay gap report.

Chase de Vere IFA

How much less do women get paid an hour? 30.8% less

How much less do women get as a bonus? 84% less

Who gets bonuses? 39.3% of women, 55.2% of men

Female/male split in earnings: In the top 25% of earners, 23.4% are women and 76.6% are men.

Read Chase de Vere’s Gender Pay Gap Report.

Close Brothers

How much less do women get paid an hour? 41% less

How much less do women get as a bonus? 51.8% less

Who gets bonuses? 78% of women, 80% of men

Female/male split in earnings: In the top 25% of earners, 21% are women and 79% are men.

Find out more in the Gender Pay Gap Report.

Hargreaves Lansdown Asset Management

How much less do women get paid an hour? 18.3% less

How much less do women get as a bonus? 71.4% less

Who gets bonuses? 58% of women, 67% of men

Female/male split in earnings: In the top 25% of earners, 17% are women and 83% are men.

Find out more in Hargreaves Lansdown’s Gender Pay Gap Report.

London Stock Exchange

How much less do women get paid an hour? 8.9% less

How much less do women get as a bonus? 14.3% less

Who gets bonuses? 88.2% of women, 82.5% of men

Female/male split in earnings: In the top 25% of earners, 32.5% are women and 67.5% are men.

You can download the London Stock Exchange Gender Pay Gap Report on its website.

Related articles: 

What is gender pay gap reporting? Gender pay gap reporting from April 2017

The gender pay gap – what is it and what’s changing?

Parents can share parental leave if they have a baby

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