Foreign news: Pay gap disclosure not a bonus for banks
The UK requirement that companies with more than 250 staff publish gender pay gap data has forced investment banks to reveal the bonuses they pay women are, on average, over 50 per cent smaller than those received by male employees. The FT reports that at Bank of America Merrill Lynch, Citigroup, Morgan Stanley and Credit Suisse women's median bonuses are between 55.6 per cent and 67.1 per cent lower than their male colleagues, and their salaries are between 28.9 per cent and 35.2 per cent less. Across the ten investment banks, the median pay gap was 28.92 per cent and the median bonus gap 50.57 per cent.