British bank pays woman under half that of men

Barclays HQ

Barclays is the first major United Kingdom bank to make a gender pay gap disclosure under new rules that require any organisation with 250 or more employees to publish the data.

Although female representation is growing at Barclays, we still have high proportions of women in more junior, lower paid roles and high proportions of men in senior, highly paid roles.

Tesco's United Kingdom and Ireland chief executive Matt Davies said: "While we're pleased that our gender pay gap of 8.7% is significantly below the United Kingdom median, we want to close the gap altogether".

"When we remove the premium payment from the calculation, then the gender pay gap reduces even more significantly to a median of just 2.7 per cent".

At Tesco the mean gender pay gap (taking into account low and high earners) is 12 per cent, while the median gender pay gap (between "middle earners") is 8.7 per cent.

However, the grocery retailer's median bonus gap was 27 per cent and mean bonus gap was 42.6 per cent. In the United Kingdom high street bank the gap was 14.2%.

At the United Kingdom bank, women earn 26 percent less than men and receive bonuses that are 60 percent lower, according to the lender's annual report.

"We know that access to senior roles has historically been limited by the culture of the insurance sector that was much less inclusive and welcoming than it is now", Inga Beale, chief executive officer of Lloyd's of London, said in a statement. "While there has been good progress, particularly over the past thirty years, progress is simply not happening fast enough".

The Financial Conduct Authority, the U.K.'s independent financial services regulator, reported a mean hourly gender pay gap of 19.3% lower for women and a median gap of 20.9% lower.

"We believe that long-term, sustainable change will take time".

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".

Barclays group service, which includes operations and technology, had a salary gap of almost 30% and a bonus pay gap of 24%.

Law firm Leigh Day argue that employees working in the predominantly-male dominated distribution centres are paid more than the largely female-staffed Tesco stores, and because the work between the two is comparable, the disparity needed to be addressed.

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