March 27, 2018 / 9:31 AM / 24 days ago

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

LONDON, March 27 (Reuters) - Bank of America Merrill Lynch (BAML) and Credit Suisse on Tuesday reported mean gender pay gaps in their British operations of 28.7 percent and 39.2 percent respectively.

The two banks also reported mean gender bonus gaps of 57.9 percent and 70.2 percent respectively.

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

Credit Suisse disclosed its gender and bonus gaps in a memo seen by Reuters that was sent to all UK staff from UK chief executive and group chief financial officer David Mathers.

“For me, these numbers are disappointing, and while they reflect an improvement, there is clearly much work to be done,” Mathers wrote, 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 said that the gap was due to a higher proportion of men in senior roles at the bank - an issue also cited by Sheri Bronstein, BAML’s global human resources executive, in its gender pay report.

“Addressing this gap through a more gender-balanced workforce at our own organisation and across the broader financial services industry, will take time,” she said.

The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis.

BAML’s gender pay gap was smaller than the corresponding figure reported by rival U.S. bank Goldman Sachs, which disclosed a gender pay gap of 55.5 percent earlier in March.

BAML also reported gender and bonus pay gaps in its international business and Bank of America and Merrill Lynch divisions.

At Bank of America Merrill Lynch International Ltd, the mean gender pay and mean gender bonus gaps stood at 17.1 percent and 38.8 percent respectively.

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. (Reporting by Emma Rumney, editing by Sinead Cruise)

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