St James’s Place has revealed that its male employees are paid 47.2 per cent more than its female staff – one of the largest gender pay gaps reported by a firm operating in the investment sector.
The wealth manager also revealed that women received bonuses 80 per cent lower than men on average.
In SJP’s report it says that the gap is due to a higher number of men being employed in senior positions compared to women. It adds that where similar roles are performed there is no pay gap.
Chief executive Andrew Croft says: “We are committed to creating a positive culture at SJP in which everyone can thrive, regardless of gender, ethnicity, sexual orientation or religion.
“The reporting of gender pay is an important step forward for UK businesses. At SJP we find a larger gap than we would like between the average pay of men and women. This is due to a higher proportion of men in senior positions and a higher proportion of women in our more junior positions. We recognise there is more for us to do, and narrowing the gender pay gap is a key objective for our business over the coming years.”
SJP submitted its information yesterday.
Next week’s Money Marketing cover story will take an in-depth look at how the advice and investment management industry has responded to the new Government legislation on gender pay gap reporting.