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Banks hold sway on gender pay

Unicredit and Lloyds Bank among top three companies with the smallest gender pay gap amongst employees, according to data from Emolument.com

Unicredit highlighted for its commitment to gender equality in terms of pay
Unicredit highlighted for its commitment to gender equality in terms of pay iStockphoto

Banks have come under scrutiny since the financial crisis over their bonus culture and male-dominated workforces, but a new survey offers some reason for cheer, with Italy's biggest bank by assets and the UK's black horse highlighted for their commitment to gender equality in terms of pay.

Unicredit and Lloyds Bank were among the top three companies with the smallest gender pay gap amongst their employees, according to an analysis of pay data from more than 250 companies by salary-benchmarking site Emolument.com.

UniCredit took second place, with Lloyds in third, and both lenders finished behind consulting company Accenture.

"With two banks in this year's top three, it appears that policies to tackle the issue in the financial sector is starting to pay off," Emolument said.

But no banks made it into Emolument's list for the top 10 fairest companies, which measures the proportion of employees who were satisfied with their bonuses versus against those who were either unsure or dissatisfied. The companies that topped that ranking were oil company Royal Dutch Shell, healthcare firm Novartis and software company SAP.

"Bankers tend to take high bonuses for granted and the fact that bonuses are much lower than before the 2008 crisis still causes frustration, despite high absolute amounts compared to other industries," Emolument said.

Banks, which have faced increased competition for the hearts and minds of university students since the financial crisis, may take heart from Emolument's Students' Favourite Award.

Wall Street bank Goldman Sachs topped the list after Emolument asked more than 600 students which company they aspire to work for once they graduate, ahead of tech giant Google in second and professional-services firm Deloitte in third.

"Despite the attractive work environment and perks offered by top technology firms, blue chip banks with their high salaries and established career paths, still appeal to many students," Emolument said.

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