Female Bankers In London Are Paid Tens Of Thousands Less Than Their Male Colleagues

TigerREUTERS/Russell CheyneFemale bankers are getting crushed by their male counterparts.

Female bankers in London are paid tens of thousands of pounds less than their male colleagues, according to a survey by recruitment firm Astbury Marsden.

At the highest levels, female managing directors and partners are paid £68,421 less than their male colleagues every year.

The survey covers 1,468 bankers who were asked about their salaries, bonuses, promotions, and job movements. (We told you earlier about the expected level of bonuses in the City of London this year.)

The average base pay for a City of London staffer in 2014 is £96,458, up 8% from last year, according to Astbury Marsden.

But some people’s pay packets are more average than others, the data show.

Men earn £99,337 on average compared to women, who get £86,649:

Women are paid less at every level of banking except when they reach executive director level:

The survey doesn’t ask why this discrepancy occurs. It doesn’t account for time out of the workforce for child-raising, for instance. But women are paid less from the moment they enter banking, at the entry level “analyst” position, when they are least likely to have children.

There also pay discrepancies between job functions at banks:

Astbury Marsden does not say whether women are disproportionately concentrated in job functions that are lower paid.

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