On Monday Goldman Sachs International, became the first major international banking firm to reveal its gender pay gap figures for 2018.
The figures released showed that the median hourly pay gap at the bank stands at 36.4% while the mean hourly pay gap for 2018 is 55.5%.
For bonuses, the mean hourly pay gap is 72.2%, meaning that on average, women earn 32p for every £1 that men earn in bonuses at Goldman Sachs International.
Goldman Sachs International is a banking firm that employs 6000 staff.
The median figure refers to the midpoint of all workers’ salaries from lowest to highest paid.
The mean describes the total wage bill divided by the number of employees, meaning it can be skewed by a small number of very highly paid workers.
The bank has responded by saying that it needs to focus on dealing with the challenge of getting more women into high tier roles:
“The fundamental challenge we should all be focused on is increasing the representation of women at senior levels.
“This is where the real imbalance lies, and requires attention at the earliest stages of recruitment to attract more women to financial services roles.”
In order to begin combatting this “imbalance”, Goldman Sachs aims to have 50% of all its new analysts by 2021 be female, with the overall aim of creating an international workforce that accurately represents society.
This report has been released as part of new regulations that all firms with more than 250 employees must provide a report on its gender pay gap by April of each year.