Bank of America Merrill Lynch and Credit Suisse disclose UK pay gaps

On Tuesday, Bank of America Merrill Lynch (BAML) (N:BAC) and Credit Suisse (S:CSGN) reported mean gender pay gaps in their British operations of 28.7 percent and 39.2 percent respectively.Also, the two banks reported mean gender bonus gaps of 57.9 percent and 70.2 percent respectively.

The British government has ordered thousands of large UK employers that by April 5 to disclose their gender pay gaps.

In a memo, Credit Suisse disclosed its gender and bonus gaps that was sent to all UK staff from UK chief executive and group chief financial officer David Mathers.
Referring to the fact that the 2017 median pay gap had improved to 28.9 percent from 31.9 percent in the year prior Mathers wrote that these numbers are disappointing, and while they reflect an improvement, there is clearly much work to be done.

“The gap was due to a higher proportion of men in senior roles at the bank”, said Mathers – an issue also cited by Sheri Bronstein, BAML’s global human resources executive, in its gender pay report.
She said that addressing this gap through a more gender-balanced workforce at our own organization and across the broader financial services industry, will take time.

The difference between the average salary of men and women, calculated on an hourly basis is measured by the gender pay gap.
BAML’s gender pay gap was smaller than the corresponding figure reported by rival U.S. bank Goldman Sachs (N:GS), which disclosed a gender pay gap of 55.5 percent earlier in March. “Gender and bonus pay gaps in its international business and Bank of America and Merrill Lynch divisions”, reported also BAML.

The mean gender pay and mean gender bonus gaps stood at 17.1 percent and 38.8 percent respectively, at Bank of America Merrill Lynch International Ltd. At Merrill Lynch International these were 36.7 percent and 59.5 percent respectively, and 33.4 percent and 63.7 percent respectively at Bank of America N.A’s London branch.

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