Median pay gap falls slightly

The median pay gap between men and women is down slightly on last year, with a fall of around 2% in banking, traditionally the worst sector for the gender pay gap.

Gender Pay gap


The median gender pay gap decreased slightly to 9.1% in 2023-2024, but almost four out of five companies and public bodies continue to pay men more than women, according to snap analysis of the gender pay gap figures by The Observer.

It says the public sector has a higher gender pay gap of 14.4%, with 87.6% of public sector organisations paying men more. Last year the Guardian put the public sector figure at 15.1% at a similar point in time. So far 10, 523 employers have reported their figures. The deadline was last Thursday, but many employers leave it to the last minute to report or report late.

Other initial analysis has focused on the banking sector, which has traditionally got one of the highest gender pay gaps in the UK, particularly when it comes to investment banking, mainly because of the higher number of men in senior leadership roles.

The gender pay gap at HSBC has fallen slightly from a mean of 45.2% to 43.2%. 51% of employees are women and of this, the majority (62%) are in junior roles. At the snapshot time of reporting [5th April 2023], 30.9% of the senior leadership were women, up 1.4% on 2022. But at Goldman Sachs things are going in the opposite direction, with the mean hourly pay difference rising to 54%, up from 53.2% the previous year.

According to Reuters, the mean pay gap across Morgan Stanley’s UK workforce fell slightly from 40.8% to 40.1%, while Barclays saw a 2.3% narrowing of its mean gender pay gap to 33.6%.

JP Morgan reported a 1.5% fall in its mean pay gap to 26.1% and Standard Chartered’s mean gap fell from 29% to 22%. Reuters says overall that the mean gender pay gap narrowed by 2% among leading banks in the UK.

Among insurers Reuters reports that Aviva’s mean pay gap fell from 24.3% to 21.3%, Abrdn’s fell by 3.9% to 24.8%, but Legal & General’s widened from 20.9% to 21.3%.

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