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Major US, Swiss banks disclose gender pay gaps to UK government

More major U.S. lenders reported details of gender pay gaps in their U.K. operations ahead of the British government's April deadline.

As of April 2017, Bank of America Corp.'s Bank of America Merrill Lynch reported a mean gender pay gap of 28.7% and a median pay gap of 30.5% at its three U.K. units. Bank of America Merrill Lynch disclosed a mean bonus pay gap of 57.9% and a median bonus pay gap of 56.4%.

Based on a snapshot date of April 5, 2017, Citigroup Inc. disclosed that the combined mean and median hourly rate pay gap in its two legal entities in the U.K. is 44.4% and 30.1%, respectively. Citigroup also revealed a combined mean bonus pay gap of 67.3% and a median bonus pay gap of 67.1%, based on bonuses paid in the year to April 5, 2017.

Morgan Stanley disclosed a median hourly pay gap of 35.2% in its U.K. operations, based on a snapshot of the month of April 2017. When it comes to bonuses, female employees were annually paid 55.6% less than their male colleagues. Morgan Stanley attributed the discrepancies mainly due to having more men in senior and highly paid positions than women.

Meanwhile, Swiss lender Credit Suisse Group AG reported a mean and median hourly pay gap of 39.2% and 28.9% in 2017, respectively, compared to 49.1% and 31.9% a year ago. The mean gender bonus gap was 70.2%, down from 75.8% in 2016, while the median bonus pay gap amounted to 56.0% in 2017, compared to 59.1% in the previous year.

Earlier in March, Goldman Sachs Group Inc. subsidiary Goldman Sachs International reported a mean gender pay gap of 55.5%.

By midday GMT March 29, around 6,400 employers of an expected 9,000 had filed reports on their gender pay gap ahead of the April 4 deadline. All public and private sector organizations with at least 250 staff are required to submit reports this year and on an annual basis.