HSBC reports 45.2% mean gender pay gap

HSBCBanking organisation HSBC has reported a mean gender pay gap for 2022 of 45.2% across its UK operations, and a median gap of 48.8%.

HSBC employs 34,301 full-time employees in the UK, including 18,699 under the HSBC UK brand, with the remainder falling under various operations, including HSBC Global Services, HSBC Global Asset Management, and Marks and Spencer Financial Services.

For HSBC UK specifically, its 2022 mean gender pay gap was 31.1% and its median gender pay gap was 20.3%.

Excluding variable pay, the bank’s overall mean gender salary gap was 39.7%, and its median was 47.8%.

HSBC reported a mean gender bonus gap of 64%, and a median of 57.4%, in 2022, with 94% of men and 93.6% of women receiving a bonus.

The bank’s 2022 mean ethnicity pay gap for Asian, black, mixed race and other ethnic minority staff was 0.4%, but its median was -4.6% in favour of minority groups. This broke down to a mean of -1.9% in favour of Asian employees, -22.5% in favour of mixed race staff, and -3.3% in favour of other ethnic minority groups. However, black employees were found to face a 24.8% mean pay gap in 2022.

With an overall mean ethnicity bonus gap of 7.9%, Asian employees faced a gap of 2.9% in favour of white employees, while for black employees this rose to 48.6%. Mixed race (-21.6%) and other ethnic minorities (-2.5%) reported bonus gaps in their favour.

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A HSBC spokesperson said: “We have reported our gender pay gap since 2017 in the UK and have since voluntarily extended our reporting to include gender and ethnicity for the UK and US, and gender for mainland China, Hong Kong, India, Mexico, Singapore and UAE.

“Pay gaps are a key indicator of balance in our workforce, as they show the difference in average pay between two groups. Where pay gaps exist, they show the extent to which women and staff of some ethnicities are under-represented in senior and higher-paid roles and over-represented in junior and lower-paid roles. The actions we are taking to improve representation across the whole organisation will be reflected in our disclosures in years to come.”