Various investment banks such as Morgan Stanley, Citigroup, Credit Suisse, and Bank of America Merrill Lynch have become the most recent City companies to reveal huge pay gaps between its women and men employees.
Citigroup, the US lender, reported the worst figures out of the four firm, with their female employees paid 44 percent less on average as compared to their male employees, while the gap in terms of bonus payments was still bigger at 67 percent.
Bank of America and Morgan Stanley, its American rivals, reported gender pay gaps amounting to 29percent and 42 percent respectively in the United Kingdom. In terms of bonuses, the gaps were reported to be at 58 percent and 73 percent.
While on Credit Suisse, women employees are paid 39 percent less on average as compared to the male employees, while they earn 70 percent less in terms of bonuses.
The said disclosures will give more pressure on firms in the City to close their wide gender pay gaps. So far, the national average is 14.1 percent.
During the recent weeks, HSBC has disclosed that male employees are paid two and a half times as much as females in its business in the United Kingdom, while men are paid twice as much at Barclays’ investment bank.
The said banks say that the figures indicate the fact that men hold a disproportionate number of senior positions at their companies. They have promised to hire more senior women to help in closing the gap.
The said gaps are none the less anticipated to attract scrutiny from the politicians. The powerful Treasury committee of MPs, which has Nicky Morgan as its chair, has said that it is prepared to call huge banks into Parliament to present evidence and account for their wide gender pay gaps.
All British companies that are employing over 250 people have until April to report their gender pay gaps.