View more on these topics

HSBC has widest gender pay gap in mortgage sector



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.



Mortgage gender pay gap nearly twice UK average

The gender pay gap in the mortgage market is nearly double the national average, according to emerging Government figures. The mortgage market has an average pay gap of 33 per cent for all workers, compared to 18.8 per cent nationally. This weekend the Government began publishing pay gap figures for firms with more than 250 […]


Your Views: Follow Norway’s lead on gender equality

Norway’s women quotas made a big difference In its relaunch issue, Mortgage Strategy’s cover feature was on women in the mortgage industry, asking whether they had finally achieved equality. Ultimately, I think you need to force people to change their behaviour. Norway’s experience – admittedly at board level – is instructive. In Norway, around 45 […]


Jackie Uhi: Let’s work together to defeat gender discrimination

Within any lending community there are always issues to overcome. In the mortgage, world a proportion of the younger generation are struggling to get their feet onto the property ladder due to rising house prices and the knock-on effect of having to raise substantial deposits. Some second steppers face lingering affordability or negative equity issues […]


Interest rates predicted to rise in early 2020s

On 2 August 2018, the Bank Of England raised interest rates from 0.5 per cent to 0.75 per cent. The previous base rate rise was in November 2017, from 0.25 per cent to 0.5 per cent, which was the first raise for more than a decade. Mark Carney, governor of the Bank of England, said in August […]

India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.


News and expert analysis straight to your inbox

Sign up