Goldman Sachs pays women 50.6% less than men in the UK

Goldman Sachs pays women in the UK an average of 50.6 per cent less than male colleagues per hour, although this is an improvement on the 56 per cent gap the Wall Street firm reported a year ago.

For year-end bonuses the gap is much wider at 66.7 per cent, which is also slightly better than the difference between genders last year, the bank said in a statement published on Monday.

The figures reflect the imbalances that still exist at the biggest financial firms. HSBC said earlier this year that its hourly pay gap between men and women had grown to 61 per cent.

The firm said employees are paid the same for similar roles but that women are often under-represented in senior positions.

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Women at financial firms in the UK earn on average about 28 per cent less than men do, according to nearly 100 companies in the financial sector that have reported so far this year.

This is more than twice the average gender pay gap across all industries of about 13 per cent.

Firms with UK offices are now reporting their second set of figures under rules introduced in 2017 requiring the data to be made public.

The UK government asks for firms to average out wages for male and female employees, irrespective of seniority.

Goldman Sachs' chief executive officer David Solomon said last week that the firm was fully committed to improve senior representation of women in the firm.

In a memo to all staff, Mr Solomon wrote: “Diversity and inclusion is a top priority at Goldman Sachs.We need to improve senior representation in order to change the results of these measures, and we are confident that the steps we’ve outlined will help us, over time, increase our representation of all diverse professionals at senior levels.” – Bloomberg