For basic pay excluding bonuses there was a median hourly gap of 43.5% at Barclays International, which includes the investment banking business. In the UK high street bank the gap was 14.2%. This represents the difference between the midpoints in the range of hourly pay for men and women.
The gap between men and women was far higher for bonuses – 73% at the international division and nearly 50% at the UK high street business. The 73% gap means that for every £100,000 of bonuses handed out to men working at Barclays International women were only getting £27,000.
Barclays group service, which includes operations and technology, had a salary gap of nearly 30% and a bonus pay gap of 24%.
Nicky Morgan MP, Chair of the Treasury Committee, said the size of the Barclays pay gap was shocking: “On average, women at Barclays International are paid half as much as men. For this to be the case in 2018 is shocking.” She warned that her committee might call financial firms before her committee “to explain any gender pay gap that they may have.”
Barclays employs 48,700 people in the UK out of 120,000 worldwide. Barclays said it was “confident that men and women at Barclays are paid equally for doing the same job”. It said the gender pay gaps were the result of a higher proportion of men occupying more senior roles, especially in investment banking, along with a higher concentration of women in more junior, lower-paid jobs at its bank branches. Many women work part-time or share jobs.
Globally, the largest number of Barclays employees (31,406) earned £25,000 or less last year. At the other end of the pay scale, 13,111 staff – more than one in 10 of the total workforce – were paid more than £100,000, including 369 who collected more than £1m and 107 who received more than £2m.
“We know that we have more to do to continue accelerating the progression of women into these more senior roles,” Barclays said in a statement. “We recognise that tackling the gender pay gap will take time and therefore it is key that we remain focussed on improving gender diversity through a workplace environment and culture that supports and empowers women.”
Barclays £2bn loss – compared with a £1.6bn profit a year ago – was the result of hefty one-off charges related to Donald Trump’s US corporate tax changes, the cost of exiting Africa, the collapse of Carillion and legal battles. The investment bank still paid out £1.5bn in bonuses and doubled its dividend payout to shareholders.
Under UK legislation introduced last year, companies with more than 250 employees have to publish their gender pay gap on an annual basis, withall companies due to report by 5 April. Barclays is one of the first banks to have released its figures.
Across the UK economy, the gender pay gap among full-time workers fell to 9.1% last year, the lowest level since records began 20 years ago – though the TUC warned the UK was still “decades away” from equal pay for men and women.
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