HSBC’s women are paid 60 per cent less than men

HSBC’s female staff in the UK are paid 60 per cent less than men, according to gender pay gap data which reveal one of the biggest differences among the big banks who have reported so far.

The 60 per cent mean pay gap for hourly pay increased from 59 per cent in 2017, although for median pay the gap is smaller, at 29 per cent.

The gap was driven by the very small proportion of women in higher-paid roles, with women making up only 23 per cent of British senior leadership. Meanwhile, two-thirds of junior jobs are done by women.

Read more: Reeves pens letter for pay parity in writing

The mean woman’s bonus was 84 per cent lower than men, with a mean gap of 57 per cent.

HSBC’s figures compare unfavourably with other big British banks who have already reported. Royal Bank of Scotland reported a 37.2 per cent mean gap in hourly pay, while at Barclays Bank the mean gap was 48 per cent. Lloyds Banking Group pay was 32.8 per cent lower for women.

In the bank’s report, published today, Elaine Arden, HSBC’s group head of human resources, wrote: “These issues are a challenge for our industry.”

She added: “We recognise that that there is more work to do to address our gender balance at senior levels.”

The bank said it will aim to increase the share of female senior leadership to 30 per cent by 2020, while requiring “gender diverse shortlists” for external hires.

Read more: Now Lloyds Bank has published its gender pay gap