Wednesday, 7 February 2018

Four Wall Street Banks All Reveal a 1% Pay Gap. Coincidence?

Bank of New York Mellon Corp. announced Tuesday that its female employees earn at least 99 percent of what male workers do, making it the fourth big bank to publish its pay gap -- and the fourth to report a slender 1 percent discrepancy. All four said that people of color are also earning 99 percent of what their white colleagues make.

At first glance, that’s significantly better than national calculations suggest. In the U.S. overall, women earned 83 percent of what men made in 2015, according to a Pew Research Center analysis of median hourly earnings of both full- and part-time U.S. workers. For the same year, black Americans’ compensation was about 75 percent of the rate for whites.

Part of the national average pay gap reflects the fact that men hold a disproportionate number of higher paying jobs, including corporate leadership and senior management. (It’s against federal law to pay women less for the same work that men do.)

The senior ranks of the big banks are dominated by men, too, but Citigroup Inc., Bank of America Corp., Wells Fargo & Co., BNY Mellon are reporting what they call an adjusted pay gap, taking into account job title, seniority, geography and other factors that can affect compensation. The 99 percent figure, they say, shows that compensation is basically equal for men and women with similar professional backgrounds in comparable jobs. They declined to comment beyond their initial press releases.

Full story at Yahoo News.

By Jordyn Holman, Laura J Keller, Laura Colby.

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