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Goldman Sachs reports gender pay gap of 55.5% and bonus gap of 72.2% in UK

Goldman Sachs said its gap reflected the fact that there were more men than women in senior positions at the firm

Reuters  |  London 

Goldman Sachs
A view of the Goldman Sachs stall on the floor of the New York Stock Exchange in New York (Photo: Reuters)

on Friday reported a mean gap in Britain for its business of 55.5 percent and a mean bonus gap for the unit of 72.2 percent.

That gulf in pay comes close to the 59 percent gap revealed on Thursday by HSBC - the biggest yet reported by a British financial firm according to government data.

Thousands of large UK employers have been ordered to disclose their gaps by April, almost 50 years on from the passage of Britain's equal pay act.

said its gap reflected the fact that there were more men than women in senior positions at the firm.

It also reported a mean gap of 16.1 percent and a mean bonus gap of 32.5 percent in (UK) SVC Limited, which it said employs around 1,600 individuals from non-revenue divisions.

The bank employs 6,000 people in London. The remainder of its UK employees work in its business.

Other large banks have also been disclosing their gaps ahead of the April deadline set last year by Prime Minister

The continued gulf in earnings between men and women has attracted significant public attention over the past year or so.

The gap measures the difference between the average salary of men and women, calculated on an hourly basis.

In Goldman Sachs' business, 83 percent of the group earning the highest hourly pay were men, the bank said, while 62.4 percent of those on the lowest hourly pay were women.

This compared with 77.4 percent men in the highest paid group in (UK) SVC Limited, and 48.9 percent women in the lowest paid group.

The Wall Street bank said it is committed to promoting diversity and inclusion at all levels of the firm. On Thursday, it said it wanted women to make up half of its global workforce, starting with a target of 50 percent of its new analysts being women by 2021.



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First Published: Sun, March 18 2018. 00:21 IST