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HSBC gender pay gap hits 47.8%, demonstrating continued inequalities in financial & insurance sector

“HSBC’s Gender Pay Gap Hits 47.8%”, 9 March 2020

HSBC has reported a gender pay gap of 47.8 per cent,…across the bank’s eight divisions. This gap…is almost identical to a year earlier. HSBC said the main reason…is that fewer women are working in…senior roles: “It will take time to redress the imbalance and the results of our work today may not fully be realised until today’s pipeline of new joiners becomes tomorrow’s business leaders”.

The Office of National Statistics estimates that the overall gender pay gap across all industries is 17.3 per cent. [In] financial and insurance firms,…the gap is 23.1 per cent. Lloyds Banking Group report[ed] a gender pay gap of 33.5 per cent,…Santander’s gender [at]…26.6 per cent and The Co-operative Bank’s [at] 22.6 percent. Reporting for the first time, NatWest posted a gender pay gap of 34.1 per cent.

British financier and campaigner Dame Helena Morrissey said…“it is very hard to engineer the closing of the gap, because even if you attract women in, if they are not happy in the industry they will leave”.