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Goldman Sachs reports a mean gender pay gap of 55% in UK

LONDON: Goldman Sachs on Friday reported a mean gender pay g..

LONDON: Goldman Sachs on Friday reported a mean gender pay gap in Britain for its international business of 55.5 per cent and a mean bonus gap for the unit of 72.2 percent.

That gulf in pay comes close to the 59 per cent gap revealed on Thursday by HSBC — the biggest yet reported by a British financial firm according to government data.

Thousands of large UK employers have been ordered to disclose their gender pay gaps by April, almost 50 years on from the passage of Britain’s equal pay act.

Goldman Sachs said its gap reflected the fact that there were more men than women in senior positions at the firm.

It also reported a mean gender pay gap of 16.1 per cent and a mean bonus gap of 32.5 per cent in Goldman Sachs (UK), which it said employs around 1,600 individuals from non-revenue divisions.

The bank employs 6,000 people in London. The remainder of its UK employees work in its international business.

Other large banks have also been disclosing their gender pay gaps ahead of the April deadline set last year by Prime Minister Theresa May.

The continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis.

In Goldman Sachs’ international business, 83 per cent of the group earning the highest hourly pay were men, the bank said, while 62.4 per cent of those on the lowest hourly pay were women.

This compared with 77.4 per cent men in the highest paid group in Goldman Sachs (UK), and 48.9 per cent women in the lowest paid group.

The Wall Street bank said it is committed to promoting diversity and inclusion at all levels of the firm.

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