Women working at the top 50 City banks and finance companies are getting bonuses worth 80 per cent less than their male colleagues, an inquiry has found.
Starting salaries also varied radically, with women paid on average 37 per cent less than men on their first day. Overall the City pay gap stands at 47 per cent when salaries and bonuses are taken into account, compared with a national average of 17 per cent.
The figures were obtained by the Equality and Human Rights Commission, the new watchdog, which used new statutory powers for the first time to compel the biggest City employers to reveal their pay differentials. Between them, the 50 companies employ 23 per cent of all staff in financial services. Trevor Phillips, the chairman of the commission, called the findings “shocking”.
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