Citigroup and Morgan Stanley were among U.S. lenders to reveal wide disparities in the pay for their male and female U.K., employees, reflecting the greater proportion of men in more senior positions.
Citigroup pays its female U.K. employees 44% less than male employees on average, widening to 67% for bonuses, according to a spokesman.
The company made the disclosure on Tuesday with a number of other investment banks under new legislation that requires companies with 250 staff or more to release the data by April 4.
Bank of America said Tuesday that female staff in Britain receive 29% less on average than male employees. The divide broadens 58% for year-end discretionary awards. The company is “committed to bringing more women into financial services at a senior level, and into roles that offer the prospect of significant progression,” BofA said in a statement.
Morgan Stanley’s U.K. female staff received 42% less, widening to 73% for bonuses. “Our metrics are not where we would like them," said Robert Rooney, the CEO of Morgan Stanley International.
Credit Suisse’s female staff in the U.K. earned 39% less than men on average, increasing to 70% for bonuses.
"The gap is disappointing," says David Mathers, the head of Credit Suisse International. “There is clearly much work to be done.”
Last month, Goldman Sachs Group Inc. reported a U.K. pay gap of 56%.