- Thomson Reuters
- Barclays submitted gender pay gap info that shows female investment bankers get bonuses 78.7% smaller than their male colleagues on average.
- Female bankers are paid 48% less than men on average at Barclays.
- The bank disclosed the gender pay gap data on Thursday as part of a UK government initiative.
Bonuses for female investment bankers at Barclays are 78.7% smaller on average compared to those paid to male bankers, the lender said in a filing on Thursday.
In total, pay packets for women are around half that of men at the bank’s international division, which houses the investment bank at Barclays.
Barclays is the first major UK bank to make a gender pay gap disclosure under new rules that require any organisation with 250 or more employees to publish the data. CEO Jes Staley is responsible for the filing, the UK government website said.
Firms have until April 4 to make their gender pay gap disclosures.
Staley said in the report: “Gender pay gap reporting brings further focus to Barclays’ long-standing commitment to improving gender diversity – a commitment that is, and will remain, at the core of our talent management and leadership succession processes.”
“Through a range of extensive internal and external initiatives and programmes that drive the necessary cultural change, we continue to build a workplace environment that supports and empowers women to succeed,” he added.
Outside of the investment banking division, Barclays pays women on average 26% less than men, and hands out bonuses to women that are 60% lower than those received by men, according to the filing.
Nicky Morgan, the chairwoman of the UK parliament’s Treasury Select Committee, said: “For this to be the case in 2018 is shocking.”
“As part of our Women in Finance inquiry, we will keep a close eye on organisations as they report their gender pay gap before the April 2018 deadline. We may call for organisations to give evidence to the Committee to hear about best practice. Financial firms should be prepared to explain any gender pay gap that they may have.”