February 23, 2018 / 8:30 AM / a month ago

Royal Bank of Scotland pays women on average 37 percent less than men

LONDON, Feb 23 (Reuters) - Royal Bank of Scotland Group said on Friday it paid women on average 37 percent less than men, the latest big bank to disclose how a concentration of males in senior roles skews pay in the financial industry.

The disclosure means the average hourly wage for a woman at the bank was 37 percent less, largely as a result of men occupying more senior, higher-paying roles.

RBS said women held 37 percent of jobs in its top three layers of management, and the bank is on track to have a fully balanced workforce at all levels by 2030.

RBS is the latest bank to disclose a wide gender pay gap, after Barclays on Thursday said women in its international division on average earn half of what men do, drawing criticism from lawmakers.

RBS reported its first profit in a decade on Friday, and cut pay for its Chief Executive Ross McEwan by 6 percent for failing to hit targets on improving customers’ trust in the bank.

Other organisations to have made such disclosures include U.S. investment banks like Citigroup, Wells Fargo and Bank of America, as well as the Bank of England.

Other major British lenders Lloyds Banking Group and HSBC said this week they will publish their pay gaps before the April deadline. (Reporting by Lawrence White; Editing by Edmund Blair)

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