Goldman Sachs Reports Gender Pay Gap of 55.5 Percent in Britain

Goldman Sachs on Friday reported a mean gender pay gap in Britain for its international business of 55.5 percent and a mean bonus gap for the unit of 72.2 percent. That gulf in pay comes close to the 59 percent gap revealed on Thursday by HSBC - the biggest yet reported by a British financial firm according to government data. Thousands of large UK employers have been ordered to disclose their gender pay gaps by April, almost 50 years on from the passage of Britain's equal pay act. Goldman Sachs said its gap reflected the fact that there were more men than women in senior positions at the firm. It also reported a mean gender pay gap of 16.1 percent and a mean bonus gap of 32.5 percent in Goldman Sachs (UK) SVC Limited, which it said employs around 1,600 individuals from non-revenue divisions. The bank employs 6,000 people in London. The remainder of its UK employees work in its international business. Other large banks have also been disclosing their gender pay gaps ahead of the April deadline set last year by Prime Minister Theresa May. The continued gulf in earnings between men and women has attracted significant public attention over the past year or so. The gender pay gap measures the difference between the average salary of men and women, calculated on an hourly basis. In Goldman Sachs' international business, 83 percent of the group earning the highest hourly pay were men, the bank said, while 62.4 percent of those on the lowest hourly pay were women. This compared with 77.4 percent men in the highest paid group in Goldman Sachs (UK) SVC Limited, and 48.9 percent women in the lowest paid group. The Wall Street bank said it is committed to promoting diversity and inclusion at all levels of the firm. On Thursday, it said it wanted women to make up half of its global workforce, starting with a target of 50 percent of its new analysts being women by 2021.  Continue Reading

Goldman Sachs unveils 72pc gender bonus gap

Goldman Sachs has revealed a 72pc gap between what its male and female staff earn in bonuses in Europe, a day after chief executive Lloyd Blankfein told staff that the bank needed to do more to attract women into top jobs.  The US bank started telling staff in London about its gender pay gap figures earlier this week before announcing on Friday that it had a 55.5pc mean pay gap for hourly pay and a 72.2pc mean gap for bonuses due to the lack of women in senior roles.  The figures emerge a day after rival HSBC unveiled its figures, with both banks unveiling gender pay gaps that are amongst the worst in the country. HSBC revealed it paid women 60pc less on average than men. One insider called the numbers a "disgrace" and said more needed to be done to bring more women into the Wall Street bank.  Mr Blankfein and president David Solomon, who as of Monday became the sole heir to the chief executive job after the bank announced his counterpart Harvey Schwartz would be stepping down, looked to soothe concerns about the issue the night before the numbers went public on Friday. In a joint memo to staff, the pair admitted that there was still "significant progress to be made" on gender diversity and that they hoped to see half of Goldman's workforce staffed by women at some point in the future. One insider said they hoped Solomon would push for more diversity if he took on the chief executive role as "it can't get much worse".  The national average pay gap is 18pc, according to the Office for National Statistics. All UK companies with more than 250 staff have to report their gender pay gap figures in the coming weeks.  Continue Reading

Canadian companies could soon be forced to list salaries in job postings in a bid to close the gender pay gap

World Canada Ontario Gender Equality Gender gap A Canadian province has introduced new legislation aimed at closing the wage gap between women and men.If passed, Ontario’s “pay transparency” bill will force companies to include a salary rate or range on any publicly advertised job posting. It would also ban employers from asking candidates about past compensation and bar companies from punishing employees for discussing how much they are paid.The new measures would also force large-scale employers to report any gaps in compensation to the province.  Keep up with this story and more by subscribing nowThe bill is the first of its kind to be tabled by a province in Canada, according to Ontario Premier Kathleen Wynne. The Ontario government has said it will spend up to 50 million Canadian dollars (about $39 million) over the next three years on the new program. Canadian Prime Minister Justin Trudeau and Ontario Premier Kathleen Wynne have both made themes of fairness and opportunity key parts of their platforms in elections. Ontario has introduced new legislation aimed at closing the wage gap between women and men. DON MACKINNON/AFP/Getty The pay transparency measures will begin with Ontario public service businesses before applying to employers with more than 500 employees. It will later extend to those with more than 250 workers.Today, Ontario becomes the first province to table pay transparency legislation, which will ensure all job postings include salary ranges, create Equal Pay Day and require companies to track and report on compensation gaps— Kathleen Wynne (@Kathleen_Wynne) March 6, 2018 Wynne announced the legislation, named Then Now Next: Ontario’s Strategy for Women’s Economic Empowerment,” during a Women’s Empowerment Summit at the Art Gallery of Ontario in the city of Toronto. “We know that too many women still face systemic barriers to Continue Reading

FA urged to publish ‘ethnicity pay gap’

The Football Association was last night under pressure to reveal its “ethnicity pay gap” after it published figures showing women working there earned 23.2 per cent less on average last year than men. Lord Ouseley, the chairman of Kick It Out, called for the FA to go further than its statutory duty in disclosing its gender pay gap by also making public its “disability pay gap”. Declaring that football’s anti-discrimination watchdog was “pleased” to see the governing body reveal the difference in the average pay of its male and female employees, Ouseley said: “We also hope the FA will follow in the footsteps of the Mayor of London and make public their ethnicity pay gap data, as well as their disability pay gap. Once published, we look forward to seeing the steps the governing body will take to close all three pay gaps.” All UK employers with a workforce larger than 250 are required to produce a gender pay report. The FA report claims its mean average figures for 2017 were skewed by “a small number of very senior male employees”, which would include England manager Gareth Southgate. It adds: “We cannot eliminate the pay gap completely whilst our most high profile coaching jobs are filled by men and are understandably having a significant impact on our gender pay position.” Meanwhile, Tracey Crouch, the sports minister, has joined the chorus of concern about the introduction of video assistant referees on the eve of their expected approval for use throughout football. The game’s law-making body, the International Football Association Board, meets in Zurich on Saturday, with VAR being the main item on the agenda. IFAB is expected to vote to adopt VAR, making it almost certain the Fifa Council will sanction VAR’s use at the World Cup in Russia this summer when it meets in Colombia later this month. However, the use of VAR in English football has been Continue Reading

FA reveals size of its gender pay gap

Women working for the Football Association earnt 23.2 per cent less on average last year than men, according to new figures published by the governing body. Female employees also earnt 16.4 per cent less in bonuses, the FA’s gender pay report for 2017 revealed. The figures, which all UK employers with a workforce larger than 250 are now required to make public by law, show for the first time the gender pay gap within the country’s biggest sports governing body. The report proclaims the mean average figures were skewed by “a small number of very senior male employees”, which would include England manager Gareth Southgate. It adds: “We cannot eliminate the pay gap completely whilst our most high profile coaching jobs are filled by men and are understandably having a significant impact on our gender pay position.” The report therefore prefers to focus on the FA’s median hourly pay gap, which was was 12.1 per cent, significantly lower than the national average of 18.4 per cent. It also says the median bonus gap was 8.2 per cent, adding of the mean bonus gap: “The bonuses include payments for England teams’ tournament success. “It is a matter of fact that when we have strong results in international competition and have senior male coaches who are rewarded for that success this will make our bonus gap larger.” The report reveals that, in April 2017, 34.6 per cent of FA staff were female while its five most senior employees were all male. It adds: “Improving our gender balance has been a significant objective in recent years, and is an area where we are making real progress. “We will have three women on our board by the end of this season. We also have more women on our senior and extended leadership teams than we did three years ago, and the majority of our women’s national coaching roles are now filled by women. “Great work is going on across the country to Continue Reading

Inside BuzzFeed UK’s ‘brutal’ jobs cull, where almost a third of staff were laid off after the site overreached

Jake Kanter, provided by Published 11:00 pm, Sunday, January 28, 2018 Getty Images/Michael Kovac BuzzFeed CEO Jonah Peretti admits the company "invested more than we should have earlier than we should have" in the UK. The NBCUniversal-backed firm made 39 British staff redundant in January, 23 of whom worked in the newsroom. A further 60 lost their jobs in the US. The job cuts were quick and clean, as staff left with what a source described as "extremely generous" redundancy packages. The upheaval is not over, however, and Business Insider understands that the company is looking to vacate its swanky London offices because they are too expensive. Despite the difficulties, BuzzFeed's reporting has still set the agenda in January. LATEST BUSINESS VIDEOS Now Playing: Now Playing You Can Eat for Free at This Japanese Restaurant, But There's One Catch Vocativ BuzzFeed UK had just laid off 39 of its 140 employees when he told the Columbia Journalism Review that "we invested more than we should have earlier than we should have" during a "tough business climate" in Britain. Sources in the company speaking to Business Insider fleshed out the situation, describing a bleak process which saw almost a third of the company shown the door in a few weeks. Peretti's admission comes against a backdrop of missed revenue targets last year — BuzzFeed fell 15-20% short of its $350 million (£247 million) goal — and declining traffic. ComScore figures show BuzzFeed UK hovering at just over 10 million unique users towards the end of 2017, down 20% since January 2015 (see chart below). BuzzFeed does, however, consider itself a multiplatform publisher and its website traffic is not its only measure of success. Comscore Business Insider has spoken to a number of BuzzFeed UK insiders coming to terms with the unexpected severity of the cuts after Editor-in-Chief Janine Gibson once said there's a "genuine sense that we might just be Continue Reading

Citi to boost pay for women and minorities, closing gaps in the U.S., UK, and Germany

Citigroup will boost job compensation for women and minorities in a bid to close pay gaps in the U.S., United Kingdom, and Germany, becoming the first U.S. bank to respond to shareholder pressure about the inequalities.The New York-based financial company announced the effort Monday, saying it came after a Citigroup compensation assessment in the three countries found that women on average were paid 99% of what men got and minorities on average received 99% of what non-minorities were paid."As part of this year's compensation cycle, we are making appropriate increases to help close the gaps for women and U.S. minorities," Michael Murray, Citigroup's head of human resources, said in a Monday blog post. "We will also adjust compensation for other individuals where the analysis determined increases were warranted."Citigroup's action prompted investment advisory company Arjuna Capital to withdraw the 2018 gender pay shareholder proposal it had filed in an effort to force an investor vote that would require the bank to address pay inequality. More: The pay gap could vanish for all women — sometime in the 23rd century Iceland becomes the first country to make it illegal to pay men more than women Google employee spreadsheet alleges pay gap for women Readers sound off on wage gap between Michelle Williams and Mark Wahlberg No other U.S. bank has taken similar action, Arjuna said. Along with Citigroup, Arjuna said it had filed gender pay shareholder proposals this year with U.S. banks JPMorgan Chase, Wells Fargo, Bank of America and Bank of New York Mellon. The investment adviser said it had filed similar proposals with American Express, Mastercard, Reinsurance Group, and Progressive Insurance. If approved by shareholders, the proposals would require the companies to publish their policies and goals to reduce gender pay gaps. Follow USA TODAY Money and Tech on Facebook In 2016, women employed in Continue Reading

While Iceland is the first country to outlaw the gender pay gap, the rest of the world is seeing a bigger divide than ever

Rachel Gillett, provided by Published 3:25 pm, Thursday, January 4, 2018 Clive Rose / Getty Images Despite efforts to close the gender wage gap, it's getting bigger. Women now earn on average 57% of what men earn globally. Some countries like Iceland and the UK have national initiatives aimed at increasing pay equality.  Financially, countries and the world would benefit from closing the gender pay gap. On January 1, Iceland became the first country in the world to pass legislation with real teeth outlawing the gender pay gap. According to Al Jazeera, companies and government agencies that employ more than 25 people must obtain a government certificate demonstrating pay parity, or else they will face fines. Local Channel Now Playing: Now Playing This tamale-making hack may change your next tamalada mysa Dog caught in middle of family's New Year's Eve fireworks mysa San Antonio child sings 'Remember Me' from Coco in heart-wrenching tribute to baby sister mysa Well-known San Antonio cook gunned down on his front porch, suspect at large mysa Man found dead in rollover wreck at busy S.A. intersection mysa Woman killed in fiery rollover crash on U.S. 281 mysa Video of San Antonio dad's Christmas hover board accident goes viral on social media mysa Summers enjoying trip home with TCU Bexar County identifies woman killed in deputy involved shooting Fox7 San Antonio hospital offers needed treatment for critically-ill man KRIV This isn't the first or only national initiative aimed at closing the wage gap. According to the World Economic Forum (WEF), two thirds of OECD countries have introduced policies on pay equality, including requiring some employers to publish calculations every year showing the gender pay gap. Despite these initiatives, however, the global gender pay gap is widening. According to WEF's 2017 Global Gender Gap Report, while men around the world earn on average $21,000 a Continue Reading

BBC launches staff pay review to quell anger over gender gap

LONDON (Reuters) - The BBC is reviewing employee pay after it was forced to reveal that male stars were paid far more than their female counterparts, damaging the British public broadcaster's image and angering women employees. The revelation in July that the BBC's best-paid male star earned five times more than the best-paid woman, and that two thirds of on-air high earners were men, generated a spate of critical headlines as well as internal strife. "These are difficult and often deep-rooted challenges, and they are not unique to the BBC, but I see this as a moment of real opportunity for us," Director General Tony Hall said in a speech on Wednesday. Hall said the corporation had commissioned a report on its gender pay gap, to be independently audited, that would look not just at top earners but at the broader picture across the BBC. He said it had also launched an audit of equal pay covering UK-based staff, which was being carried out by the law firm Eversheds and auditors PwC. "If it throws up issues, we'll deal with them immediately," said Hall, adding that both reports would be published. BBC management had initially responded to outrage over the pay disclosures by pledging to close the gender gap by 2020, but that failed to satisfy irate women employees. "The director general must be in no doubt about how serious an issue equal and fair pay is for women across the organization," said a group of female BBC employees including high-profile TV and radio presenters. "The BBC should be the standard-bearer for this in the media," they said in a statement on Wednesday, calling for solutions to rectify injustices to be put in place before the end of 2017. Hall gave no details about how exactly the gender pay gap would be tackled. The Telegraph newspaper quoted a senior BBC source as saying that the pay review could lead to pay cuts for some staff and rises for others. Funded by a license fee levied from TV viewers in Britain, the BBC reaches 95 Continue Reading

The pay gap could vanish for all women — sometime in the 23rd century

Despite strides in the 1980s and 1990s, the pay gap between the sexes hasn't budged in more than a decade. That's even with growing research and outcry that's prompted some companies to review — and vow to fix — broad discrepancies in their own workforces.The numbers are glaring: Women make up half the U.S. college-educated workforce but those with full-time jobs were on average paid 80 cents for every dollar earned by men in nearly every occupation for which there was sufficient earnings data in 2015, according to the non-profit Institute for Women's Policy Research (IWPR).The gap is especially pronounced when comparing median weekly earnings and far deeper for women of color.While women overall earned about 82% of the full-time weekly pay check of a man, black women's earnings were just 68% compared to white men and Hispanic women's were 62%, according to IWPR. Asian women fare better compared to white men, but compared to Asian men, they made only 78%.You have to look hard to find a profession this gap isn't the case. Median earnings for women are lower than men’s in 18 of the 20 most common jobs for women."It's been stagnant the last 10 to 15 years even though women are better educated," says Ariane Hegewisch, program director of employment and earnings at IWPR. She calculates that if the current trends continue, women on average will not receive equal pay until 2059.For women of color, the rate of change is downright glacial — black women will wait until 2124 and Hispanic women will have to wait until 2248, Hegewisch says, compared to 2056 for white women.Against that bleak backdrop comes the view from a growing number of companies that by failing to recruit, retain and advance women, they're missing out.Facebook, whose advertising revenues have swelled thanks to growth in small businesses using Facebook Pages to reach customers, says 40% of Continue Reading