“We know the average City [pay] gap is roughly 60%,” she said. “That includes ordinary banks. So you are going to see [a figure] way higher than 100% for some investment banks.”
Under new legislation, organisations with more than 250 employees have to disclose the gap between the average earnings and bonuses of male and female staff before a deadline of April 4.
Most of the big investment banks — including Goldman Sachs, Morgan Stanley, UBS, Credit Suisse and Bank of America Merrill Lynch — are yet to publish their figures.
However, Barclays revealed last month that female staff’s hourly rate of pay is 48% lower than male staff at the unit that includes its investment banking arm. Women’s bonus pay was 78.7% lower than men’s. The bank did not release a figure for investment banking alone.
City sources say many other investment banks are carrying out “internal PR exercises” to convince women they are paid fairly.
Fund management also has a gulf between male and female remuneration. Hermes will this week report a pay gap of 30.2% and a bonus gap of 63.1%.
Only 1,486 organisations have so far published their figures; it is estimated that 9,000 are required to do so.