HSBC, Goldman gender pay gaps widen in UK as finance makes slow progress

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HSBC, Goldman Sachs, Morgan Stanley, and Standard Chartered reported a widening in the gap between what they paid women and men in 2022.

The data also showed that, at the banks which detailed their pay gaps by ethnicity, the gap was widest between Black staff and their white colleagues.

The British arm of Wall Street giant Goldman Sachs’ gap increased to 53.2% – remaining the largest among major finance employers reviewed by Reuters and up from 51.3% the prior year. “I assure you that we are intent on changing this, but of course it takes time,” Richard Gnodde, chief executive officer of Goldman Sachs International, wrote in a memo to staff on Tuesday.

But this gap remains way above the average across all UK employers of 8.3%, according to official data. The largest overall ethnicity pay gap disclosed was by UBS at 23%, although this had improved from 24% the prior year. Where data was available across two years, overall ethnicity pay gaps narrowed at the majority of firms.

 

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