Financial Services Still Has Long Gender Bridge To Cross - Data

Josh O'Neill

25 September 2017

Four-firths of Asia's most senior jobs are held by men, new research shows, while the average gender pay gap for UK managers working in financial services exceeds 33 per cent, according to another study.

Men still hold “at least 80 per cent” of the top jobs in Asia as well as the bulk of management roles, according to research from recruitment specialist , a professional body for management and leadership, has found that the gender gap in the UK's finance sector is “much higher” than across all other business areas, with the average difference being 33.9 per cent.

The studies' findings come at a time when certain money managers are ramping up efforts to recruit more women in a bid to break historical norms and oust ideologies that the sector is sexist. For example, Royal Bank of Canada Wealth Management earlier this month said that “adding more women to our advisor ranks is good for the industry, good for our business, but most of all, good for our clients”.

Earlier this year, UBS - the world's largest wealth manager - launched a five-year plan supported by a new advisory board to better serve the world's wealthy women.

Hong Kong-based businesses have the highest number of men at the helm (89 per cent), while Malaysia is at the opposite end of the spectrum with the highest number of high-ranking females (24 per cent), according to Hays.

“Last year, men held 79 per cent of the top jobs and 67 per cent of line manager roles so there is no real improvement in female representation in leadership roles,” said Dean Stallard, managing director of Hays Hong Kong.

Over in the UK, the average gender pay gap across all industries is 26.8 per cent, according to CMI's research.

The firm's findings come six months after new regulations introduced by the UK government came into effect, which require large employers – those with more than 250 staff – to publicly disclose the size of their gender pay gap.

As of 22 September, just 77 out of the 7,850 UK companies obliged to comply with the new regulations had done so, CMI said.

“Too many businesses are like ‘glass pyramids’ with women holding the majority of lower-paid junior roles and far fewer reaching the top,” said Ann Francke, CMI's chief executive. “We now see those extra perks of senior management roles are creating a gender pay gap wider than previously understood. The picture is worst at the top, with male CEOs cashing in bonuses six times larger than female counterparts.”