Lloyds Banking Group has reported a 25.9% mean gender pay gap, down 0.8% from 2023.
The group’s median gender pay gap for 2024 was 35.5%, up 2.7% from the year prior. Its upper pay quartile consists of 62.1% of male and 37.9% of female workers, while its lower pay quartile consists of 30.7% of male and 69.3% of female staff.
Its mean gender bonus gap was 50.5%, down 4.4% from 2023, while its median was 56.8%, down 2.6% from the year prior. A total of 96.5% of male and 97.1% of female employees received a bonus payment that year.
Lloyds Banking Group’s mean ethnicity pay gap was 3%, down 2.7% from 2023, while its median was 8%, down 4.6% from the previous year.
For black employees, the mean ethnicity pay gap was 10%, down from 1.9% in 2023, and the median was 19.2%, rising by 1.4%. For Asian workers, the mean gap was 2.5%, down 3.2% in 2023, and the median was 7.9%, down 6.1%. For other ethnic minority staff, the mean gap was -5.2%, falling by 2.6% from 2023, and the median was -6.1%, dropping by 3.5%.
Its mean ethnicity bonus gap was 25.6%, down 3.7% from 2023, while its median was 16.8%, down 11.8% from the last reporting year.
For black staff, the mean ethnicity bonus gap was 44.4%, down 2.4% from 2023, and the median was 24.4%, falling by 7.7%. For Asian employees, the mean gap was 25.4%, down by 4.2% from 2023, and the median was 17%, down by 13.5%. For other ethnic minority workers, the mean gap was -3%, down 9.6% from 2023, and the median was zero.
Sharon Doherty, chief people and places officer at Lloyds Banking Group, said: “Inclusion is a core value at the group, and for good reason. Our executive ally sponsors for gender, ethnicity and other diversity strands are driving change from the top, alongside our volunteer employee networks, who work tirelessly to help our staff feel seen, valued and included.
“We regularly review our employee pay to ensure that everyone is paid fairly, regardless of ethnicity or gender. While the pay gap progress we’ve made in the last year is moving us in the right direction, it’s still slower than we’d like. However, as our transformation continues at pace, I’m confident that our choices and actions are paving the way for a brighter and more equitable future.”
