International Women’s Day 2016: Female traders’ bonuses are half that of their male counterparts – while it takes women bankers six months longer to be promoted
The banking sector already has a pretty bad reputation when it comes to diversity among the genders – but things are about to get worse, after new research suggested some female bankers can expect a bonus less than half the size of their male counterparts.
The research, by salary benchmarking site Emolument, found while men in trading can expect to earn bonuses of £150,000 after 10 to 15 years, women will get just £72,000.
Meanwhile, in mergers and acquisitions, men are awarded about £140,000, while women will get a mere £111,000.
But the research suggested women tend to be more easily satisfied with their bonuses. While 42 per cent of male bankers said they weren't satisfied, just 40 per cent of women agreed. And while 30 per cent of men said they were happy, 33 per cent of women agreed.
The figures also showed women tend to be promoted more slowly. While it takes the average man six years to make it to associate level, it takes women 6.5 years. Ditto vice president level – while it takes men 10 years, it takes women 10.5 years.
Weirdly, the figure is 13.5 years for both men and women when it comes to being promoted to director level – but the gap then widens for the highest echelons. While it takes men 17.5 years to reach managing director level, it takes women 19.5 years. That's a pretty big gap.
Roll on International Women's Day…