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HSBC has widest gender pay gap in mortgage sector

 

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HSBC has the widest pay gap in the mortgage sector, according to newly published figures.

The average hourly rate paid to women in the bank is 59 per cent lower than men, and the bonus pay is 86 per cent lower than men.

This compares to an average median pay gap across the UK of 18.8 per cent.

A number of leading mortgage providers have a gender pay gap of more than 50 per cent.

The Government requires all companies with more than 250 employees to publish figures on the average salaries paid to men and women within the organization.

These figures are required to be filed by the end of the tax year.

Other companies in the mortgage sector with large gender pay gaps include Secure Trust Bank, which has a gender pay gap of 52.6 per cent, E.Surv which has a gap of 50.4 per cent, and Barclays, where women are paid on average 48 per cent less per hour than men.

Meanwhile Cumberland Building Society has a gender pay gap of 41 per cent, Shawbrook Bank has a gap of 40 per cent, Octopus Capital has a pay gap of 38 per cent, while RBS, Lloyds, Clydesdale Bank and Santander all have a pay gap of 37 per cent.

HSBC did not want to comment on the figures, but pointed to structural issues with fewer women in senior leadership roles. It says it is taking a number of steps to improve its gender balance. However it says that for 2018 its gender pay gap is expected to widen to 60 per cent.

A spokesman for Secure Trust Bank says: “This position is common within our industry but exacerbated in our case by the size of our overall workforce when compared to larger firms, and the fact that we have diversified into new markets which currently have a relatively small, predominantly male talent pool.

“We recognise the benefits of having more women in senior roles. It is an area we have been focused on for some time and where we are making encouraging progress.”

Secure Trust Bank says that in the past 18 months it has appointed two female non-executive directors and promoted from within to key positions such as head of change and director of operations and service solutions.

Not one of the mortgage companies who have reported these figures have a gender pay gap below the national average.

Some of the lowest gender pay gaps in the sector include Metro Bank, with a pay gap of 22.4 per cent Bank of Ireland, with a pay gap of 24.6 per cent, and Skipton Building Society with a pay gap of 29.2 per cent.

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