The ‘Old Boys’ Club’ is still alive and kicking in London’s banking industry.
A new survey reveals women in banking earn about 15% less than men, and expect bonuses about half the size. Ouch.
The survey by recruitment firm Astbury Marsden showed the wage gap is most pronounced at either end of the career ladder — in the most junior jobs and at the upper echelons of the industry.
At the lower end, female analysts earn 26% less than their male counterparts. The average female analyst earns £43,701 ($68,300) per year, while the average male analyst earns £58,905 ($92,100).
At the top, female managing directors and partners make 32% less than their male colleagues.
In pounds and pence, that means top women in the banking world tend to earn nearly £70,000 ($107,000) per year less than their male counterparts, who rake in an average annual salary of nearly £213,500 ($333,600).
When it comes to bonuses, the average female banker expects to make roughly £17,500 ($27,200) this year, while the average male is expecting a much more generous bonus of £32,100 ($50,100).
The U.K. is not alone in struggling to close the gender pay gap. No country in the world pays its women the same as men for doing the same job.
And it’s going to take another 81 years for the gender gap to close, according to a recent report by the World Economic Forum.
Women come closest to men in Norway and Singapore, but even there they still only earn 80% of the average male salary.
