Banking industry giants acknowledge large gender salary gaps in their UK operations and the need to boost pay for women. So reports Reuters.
Citigroup, Bank of America, Merrill Lynch, Credit Suisse and Morgan Stanley reported that the average hourly pay for women employees is lower than men due to these companies having fewer women in executive positions.
Citigroup fared the worst with a mean gender pay gap of 44% last year, while Morgan Stanley, Credit Suisse and Bank of America all reported gaps of 42.8%, 39.2% and 28.7%, respectively.
Britain's government has mandated that thousands of big UK employers disclose their gender pay gaps, starting this past April 5.
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