New data has revealed that men are paid an average of 33.6% more than women in the UK banking industry. In the worst instance, HSBC BANK PLC pays men a 54.4% higher hourly rate than women.
Employers with 250 or more employees have published their company’s pay gap figures comparing men and women’s average pay across the organisation. But, despite the pay gap reports being publicly available, the raw data isn’t easy to extract conclusions from and there is no summary of crucial points.
This is why we felt it was necessary to complete further research into the pay gap of banks and building societies in the UK and produce a comprehensive report of findings. Using the most up-to-date gender pay gap reports published, we have studied, compared and compiled the published figures of the 49 banks and building societies with information available to reveal the actual gender pay gap in the UK banking industry in 2022:
Key Findings of The Study:
- 45.3% of people employed by banks and building societies are women.
- Yet, of individuals in the top and bottom pay quartile, 62% of people on the lowest pay are women, whilst only 28% of people in the top pay quartile are.
- Overall, men receive a 33.6% higher average hourly wage than women in the sector.
- And despite 72% of women in the industry receiving bonus pay alongside 71% of men, the actual average bonus pay for men is 44% HIGHER than for women.
- Not a single company pays women equal, or more than men – the smallest wage gap reported is 15.6% by MONZO BANK LIMITED.
- In the worst instance, HSBC BANK PLC pays men a 54.4% higher hourly rate than women. On top of this, only 9% of individuals in the top pay quartile are women, which means they have the worst representation of females in top paid jobs of every banking company whose data is available.
Full Gender Pay Gap Comparison Report:
| Employer | % Difference in hourly rate (Mean) | % Who received bonus pay (Women) | % Who received bonus pay (Men) | % Difference in bonus pay (Mean) |
| AIB GROUP (UK) P.L.C. | 29.5 | 0 | 0 | 0 |
| AL RAYAN BANK PLC | 42.6 | 80.4 | 78.9 | 62 |
| ALDERMORE BANK PLC | 25.3 | 79 | 77 | 47.7 |
| ATOM BANK PLC | 27.5 | 0 | 0 | 0 |
| BANK OF CHINA (UK) LIMITED | 26.1 | 83.5 | 75.2 | 33.9 |
| BANK OF IRELAND (UK) PLC | 36 | 0 | 0 | 0 |
| BARCLAYS BANK PLC | 42.1 | 94 | 93 | 66.8 |
| BARCLAYS BANK UK PLC | 24.5 | 96 | 94 | 57.3 |
| BARCLAYS PLC | 41.6 | 97 | 91 | 58.8 |
| BROWN SHIPLEY & CO. LIMITED | 51.7 | 59.7 | 64.9 | 81.7 |
| C. HOARE & CO. | 19.1 | 93.4 | 91.6 | 33.7 |
| CLYDESDALE BANK PLC | 29.7 | 93.2 | 89.5 | 25.3 |
| Credit Agricole CIB | 30.2 | 91.2 | 92.3 | 59.1 |
| CREDIT SUISSE INTERNATIONAL | 41.9 | 91.6 | 92.7 | 63.5 |
| Cumberland Building Society | 38 | 60 | 46 | 79 |
| CYNERGY BANK LIMITED | 35.9 | 0 | 0 | 0 |
| EFG PRIVATE BANK LIMITED | 39.4 | 86.2 | 85.8 | 66.1 |
| HANDELSBANKEN PLC | 31 | 0 | 0.2 | 100 |
| HSBC BANK PLC | 54.4 | 90.3 | 92 | 64.4 |
| HSBC UK BANK PLC | 32.9 | 90.4 | 90.7 | 56.9 |
| ICBC STANDARD BANK PLC | 27.8 | 89 | 86 | 45.6 |
| INVESTEC BANK PLC | 27.1 | 77.9 | 77.6 | 59.5 |
| J.P. MORGAN SECURITIES PLC | 53.1 | 91.7 | 95.2 | 63.5 |
| Joh. Berenberg, Gossler & Co. KG – London Branch | 45.9 | 64 | 70 | 69 |
| JULIAN HODGE BANK LIMITED | 33 | 59 | 62 | 54 |
| LLOYDS BANK PLC | 32.6 | 26.6 | 49.7 | 42.7 |
| METRO BANK PLC | 21.1 | 76.8 | 71.9 | 22.7 |
| MIZUHO INTERNATIONAL PLC | 38.9 | 77.9 | 73.1 | 60.6 |
| MONZO BANK LIMITED | 15.6 | 2.8 | 3.3 | 33.4 |
| Newcastle Building Society | 25.6 | 93 | 89 | 45.8 |
| ONESAVINGS BANK PLC | 45.7 | 79.2 | 80.3 | 65.4 |
| Principality Building Society | 27.6 | 94.1 | 91.4 | 42.2 |
| RBC EUROPE LIMITED | 47 | 92 | 93 | 64 |
| RCI BANK UK LIMITED | 23.7 | 91 | 100 | 14.5 |
| SAINSBURY’S BANK PLC | 35.5 | 86.4 | 75.2 | 58 |
| SANTANDER UK PLC | 32.6 | 90.3 | 87.9 | 61.8 |
| SCHRODER & CO. LIMITED | 31.4 | 92.3 | 93.7 | 45 |
| SECURE TRUST BANK PUBLIC LIMITED COMPANY | 43.3 | 86.5 | 82.5 | 75 |
| SHAWBROOK BANK LIMITED | 38.7 | 86.8 | 83.2 | 56.6 |
| SMBC BANK INTERNATIONAL PLC | 33.4 | 85.5 | 85.5 | 47.9 |
| STANDARD CHARTERED BANK | 30.5 | 92.6 | 88.9 | 50.9 |
| STARLING BANK LIMITED | 21.3 | 0.6 | 0.2 | -190 |
| THE CO-OPERATIVE BANK P.L.C. | 27.9 | 87.6 | 85.9 | 34.8 |
| TSB BANK PLC | 32.9 | 95.1 | 91.6 | 43.5 |
| VANQUIS BANK LIMITED | 28.5 | 87.4 | 84.8 | 45.1 |
| VIRGIN MONEY LIMITED | 23.4 | 88 | 86 | 42 |
| West Bromwich Building Society | 39.9 | 91.6 | 88.9 | 72.6 |
| Yorkshire Building Society | 28.1 | 95.4 | 91.5 | 46.2 |
| Employer | % Women in lower pay quartile | % Women in lower middle pay quartile | % Women in upper middle pay quartile | % Women in top pay quartile |
| AIB GROUP (UK) P.L.C. | 61 | 66 | 63 | 32 |
| AL RAYAN BANK PLC | 53.3 | 34.7 | 24 | 17.1 |
| ALDERMORE BANK PLC | 63 | 49 | 39 | 28 |
| ATOM BANK PLC | 46.5 | 38.8 | 24.7 | 22.4 |
| BANK OF CHINA (UK) LIMITED | 72 | 55 | 48 | 40 |
| BANK OF IRELAND (UK) PLC | 57 | 57 | 49 | 34 |
| BARCLAYS BANK PLC | 56 | 44 | 30 | 19 |
| BARCLAYS BANK UK PLC | 70 | 69 | 64 | 43 |
| BARCLAYS PLC | 45 | 39 | 9 | 32 |
| BROWN SHIPLEY & CO. LIMITED | 69.1 | 57.3 | 30.9 | 19.1 |
| C. HOARE & CO. | 49 | 47 | 34 | 30 |
| CLYDESDALE BANK PLC | 68.4 | 71.5 | 52.4 | 37.2 |
| Credit Agricole CIB | 45.7 | 38.3 | 16 | 23.4 |
| CREDIT SUISSE INTERNATIONAL | 52.8 | 32.8 | 29 | 15.2 |
| Cumberland Building Society | 84 | 84 | 58 | 38 |
| CYNERGY BANK LIMITED | 69.2 | 43.9 | 46.2 | 20 |
| EFG PRIVATE BANK LIMITED | 57.1 | 47.5 | 28.3 | 21.3 |
| HANDELSBANKEN PLC | 63.6 | 61.2 | 36.2 | 19 |
| HSBC BANK PLC | 54 | 33 | 22 | 9 |
| HSBC UK BANK PLC | 69 | 71 | 64 | 40 |
| ICBC STANDARD BANK PLC | 46 | 27 | 20 | 14 |
| INVESTEC BANK PLC | 50.2 | 43.7 | 28.6 | 24.1 |
| J.P. MORGAN SECURITIES PLC | 59.1 | 34.5 | 24 | 13.1 |
| Joh. Berenberg, Gossler & Co. KG – London Branch | 57.3 | 35.8 | 26.3 | 12.6 |
| JULIAN HODGE BANK LIMITED | 58 | 55 | 36 | 36 |
| LLOYDS BANK PLC | 68.9 | 66.1 | 50.5 | 34.8 |
| METRO BANK PLC | 50 | 50 | 44 | 32 |
| MIZUHO INTERNATIONAL PLC | 56 | 44.4 | 17.2 | 13.8 |
| MONZO BANK LIMITED | 47.5 | 47.9 | 50.1 | 34.9 |
| Newcastle Building Society | 74.4 | 57.5 | 60.8 | 46.7 |
| ONESAVINGS BANK PLC | 75 | 60.6 | 48.9 | 33.6 |
| Principality Building Society | 83.2 | 61.3 | 51.2 | 38.7 |
| RBC EUROPE LIMITED | 56 | 36 | 19 | 13 |
| RCI BANK UK LIMITED | 58 | 55 | 50 | 33 |
| SAINSBURY’S BANK PLC | 74.4 | 72.2 | 56.9 | 42 |
| SANTANDER UK PLC | 66 | 72.9 | 57.6 | 39 |
| SCHRODER & CO. LIMITED | 54.2 | 51 | 19.8 | 14.6 |
| SECURE TRUST BANK PUBLIC LIMITED COMPANY | 61.8 | 56.7 | 47.9 | 21.6 |
| SHAWBROOK BANK LIMITED | 67.5 | 52.1 | 34.7 | 15.6 |
| SMBC BANK INTERNATIONAL PLC | 63.6 | 40.9 | 30.6 | 20.8 |
| STANDARD CHARTERED BANK | 60.3 | 39.9 | 30.9 | 21.5 |
| STARLING BANK LIMITED | 49.6 | 46.9 | 35.9 | 26.3 |
| THE CO-OPERATIVE BANK P.L.C. | 64.6 | 67 | 57.4 | 38.8 |
| TSB BANK PLC | 78 | 77 | 65 | 46 |
| VANQUIS BANK LIMITED | 52.3 | 64.4 | 48 | 29.3 |
| VIRGIN MONEY LIMITED | 61 | 67 | 50 | 39 |
| West Bromwich Building Society | 87.2 | 73.1 | 59.9 | 33.8 |
| Yorkshire Building Society | 79.9 | 68.5 | 59.6 | 42.5 |
Notes About Data Collection:
- When there was no 2021/22 date available, we used the most up-to-date figures released.
- Average totals were calculated using the ‘mean’ value. This is because they place the same value on every number they use, giving a good overall indication of the gender pay gap as well as deservingly highlighting the larger pay gap issues.
Positive/Negative Figures explained:
- A positive percentage figure reveals that typically, or overall, employees who are women have lower pay or bonuses than employees who are men.
- A negative percentage figure reveals that typically, or overall, employees who are men have lower pay or bonuses than employees who are women.
- A zero percentage figure would reveal no gap between the pay or bonuses of employees who are men, and employees who are women (or there is equal pay and bonuses overall).