January 29, 2020
Business

Goldman Sachs becomes latest firm to reveal large UK gender pay gap

Goldman Sachs International has revealed it pays female employees in the UK an average of 36.4 per cent less than male colleagues as the spotlight focuses on financial services pay disparity in the City.

As well as a median pay gap of 36.4 per cent, which reflects the difference between the midpoints in the ranges of men's and women's pay, when it came to bonuses, Goldman Sachs reported a median gender pay gap of 67.7 per cent.

Its mean pay gap, reflecting the difference between the average of men's and women's pay, for hourly pay was 55.5 per cent, and that rose to 72.2 per cent on bonuses.

Read more: Deloitte and EY partners push gender pay gaps wider

It said the pay gap reflects "our current reality that there are more men than women in senior positions in our organisation".

The US investment bank said in a statement alongside the figures:

It is critical that we recruit and retain a diverse group of people who bring a broad range of experiences, capabilities and perspectives to our organisation.

Although progress is being made, we acknowledge that more needs to be done. In our last global partner class, we had our highest ever proportion of women promotes, but it is not enough.

It has signed the UK Women in Finance Charter to ensure that women represent at least 30 per cent of its senior talent, meaning vice president level and above, by 2023.

Firms with more than 250 employees have been required by government to publish their gender pay gap data by 1 April in a new crackdown to up scrutiny. Thousands are still yet to do so though the deadline is fast approaching, with around 9,000 employers in total needing to publish the figures.

Goldman published information for its two entities, GSI and Goldman Sachs SVC. Limited. The latter employs around 1,600 employees from non-revenue divisions, while the remainder of its employees are with GSI.

HSBC yesterday reported a median pay gap of 29 per cent, and a mean gap of 60 per cent.

Royal Bank of Scotland reported a median gender pay gap of 37 per cent, while at Barclays the median was 14.2 per cent. Lloyds Banking Group pay was 32.8 per cent lower on average for women.

In an update on the Treasury's Women in Finance Charter published today, just over a quarter of firms that have signed up have met targets so far on female representation in senior management. More than half though, said they are on track to meet their targets.

At present, the Charter has more than 205 signatories spanning more than 650,000 employees in the UK.

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