The Gender Pay Gap in The UK Banking Industry in 2022

The Gender Pay Gap in The UK Banking Industry in 2022

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).