Already a subscriber?It’s been two weeks since International Women’s Day, and the annual public hand wringing about pay parity has already started to die down.is putting the onus on a new group: the large corporate clients that use the investment banks’ services.Chris Pearce
That’s despite having many of the same demands that are usually given as reasons that women abandon investment banking mid-career: long-term relationships, the expectation of dropping everything for a client, long hours and in some sectors, heavily transaction focused. But law firms do one thing differently: fees.
It’s not just gender issues: bankers push back on anything too specific that limits flexibility, including key man clauses which leave them at risk of losing the mandate if that banker were to leave the firm. The obvious exception is government work.The WGEA data released shows that the gap between women’s pay is even greater for total pay – which includes bonuses – than on base salary. In investment banking, bonuses are typically awarded for completing deals.
Based on the data, Macquarie is the notable exception to this rule: WGEA’s median base salary gap is 22.4 per cent, compared to 22.1 per cent for the median total remuneration gap. At the other end of the spectrum is Morgan Stanley, where the base gap is 25.1 per cent, but that blows out to 48.2 per cent when bonuses are taken into account.
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