A new research revealed the scale of the gender pay gap in financial services companies after showing that for top earners have a 91 percent gender pay gap.
The research that was conducted by Fox & Partners, an employment law firm, reveals that for those that are earning more than £1m at financial services companies, there is a gender pay gap of 91 percent.
There are approximately 4,600 men who are earning more than £1m at financial services firms in the United Kingdom and just 400 women.
The gap between the number of women and men who are earning £1m or more in the financial services industry of the United Kingdom is growing.
It increased by 17 percent to 4,200 over the past five years, up from the 3,600 during the period of 2010 to 2011.
A partner at Fox & Partners, Caroline Field, stated: “The yawning gender pay gap at the top end of the financial services industry has been getting worse – not better.”
She argued that legal group actions were likely to be initiated regarding the pay in the financial services sector.
Field stated: “The shift in culture towards speaking up, the increased pressure for transparency and the availability of creative funding solutions for collective actions have removed some of the structural barriers which may have historically prevented a challenge to the gender pay gap.”
J.P. Morgan is one of the banks that have some of the largest gender pay gaps with the average hourly pay for women at 44 percent lower as compared to men and only 23 percent of women are in the upper pay bracket.
Macquarie, an Australian bank, had an average gender pay gap of 56.3 percent with only 6.2 percent of women in its upper pay quartile, while women at Virgin Money, a challenger bank, were paid an average of 32.5 percent less per hour compared to the men.