2017 UK Gender Pay Gap Report

 

Gender equality in the workplace is not just good for women — it’s good for all of us. Diverse perspectives, skill sets and experiences are key ingredients. We have amazingly talented women here at JPMorgan Chase who are vital to the strength and the success of our business. Our firm is committed to creating pathways that empower and enable all of our employees to succeed.


Jamie Dimon
Chairman & CEO, JPMorgan Chase & Co.


Understanding J.P. Morgan’s Gender Pay Gap

At JPMorgan Chase, we strongly believe that a diverse and inclusive work environment is critical to our success — and it includes a commitment to gender diversity. Women represent 50% of our global workforce and 45% of our firm's Operating Committee.

We know there is more work to be done to increase the number of women in senior positions. We are focused on supporting and developing women at all levels, and we expect our managers and leaders across the firm to help us drive progress. While we recognize that meaningful change will take time, we are committed to continuing our efforts to engage and empower women.

Global Pay Equity Review

As part of our commitment to fairness in our workforce, we look at how we compensate employees — conducting pay equity reviews at all levels of our firm. We previously announced that men and women at the firm, in aggregate, are paid comparably, taking into account a number of factors that potentially impact pay such as an employee’s role, tenure, seniority and geography. The most recent review concluded that, for both base salary and total compensation, after taking into account potentially relevant factors:

  • Globally, women are paid 99% of what men are paid
  • In the United States, minority employees are paid more than 99% of what non-minority employees are paid

While this result is important, it is by no means the only or most important data point to consider. Rather, analyses such as pay equity reviews serve as a starting point for further review. In the small percentage of cases where we identify individuals with compensation that is less than expected, we conduct additional reviews and, where appropriate, proactively address them. Equally important — beyond compensation — is the fact that we have built strong business processes and practices that enable the firm to successfully recruit, hire, retain, develop and promote, the best diverse talent.

UK Gender Pay Gap Reporting

Raw compensation comparisons, without consideration of the factors that typically impact pay, do show a gap between the pay of men and women. Under new legislation that took effect in April 2017, companies in the United Kingdom (UK) with at least 250 employees are required to publish their gender pay gap between men and women. This raw calculation does not account for, among other things, tenure, position, role or location. Rather, it reflects the representation of men and women in senior roles.

When we calculate the “pay gap”1 within each quartile for J.P. Morgan employees in the UK, for three of the four quartiles, the pay gap is similar to what was disclosed in our global pay equity review. In the highest quartile, however, we see a median pay gap of 7% in hourly pay and 32% gap in bonus pay, which is primarily driven by the large number of men in senior positions (78% of the top quartile employees are men). The same representation factor also substantially contributes to the UK overall median gap of 26% in hourly pay and 41% in bonus pay.

Gender Pay Gap Report – UK Overall*

  Representation   Median
Quartiles Female Male   Pay Gap   Bonus Gap
Low Quartile 47% 53%   -1%   0%
3rd Quartile 37% 63%   2%   -4%
2nd Quartile 30% 70%   2%   0%
High Quartile 22% 78%   7%   32%
  Median Mean        
Pay Gap 26% 36%  
Bonus Gap 41% 67%  
  Female Male  
Received Bonus 93.5% 93.1%  
   

*footnoteUK Overall figures include all UK legal entities, including those with less than 250 employees.

 

Because the representation of men and women so directly impacts pay gap calculations, in certain areas of the firm’s disclosure, you will notice significant variations from legal entity to legal entity. This highlights why we view global pay equity results as a more representative measure of comparable pay for similar work. We believe that well-established employee processes including, but not limited to, compensation reviews, are critical for any company achieving pay equity. Please refer to the UK Gender Pay Gap Disclosure for more information.

1footnote The quartile analysis ranks all employees in a reporting unit based on compensation received, from low to high, and then divides them into four equal-sized groups. Pay gap is calculated as (men’s pay – women’s pay)/men’s pay and expressed in percentage terms. A negative percentage means the median pay of women is higher than the median pay of men.

 

Advancing Women’s Careers

Continuing to support career development for our employees remains an important priority for our firm. We are particularly focused on helping women progress and thrive in their careers.

We offer multiple programs within the UK and around the world designed to assist women professionally and personally as they progress at JPMorgan Chase. We do this not just because we want greater parity of gender representation in our workforce, but because we believe that investing in our employees’ growth and development is critical — not only for their success, but also for our success as a business. Highlighted below is a sampling of these programs.

© 2017 JPMorgan Chase & Co. All rights reserved. Chase, J.P. Morgan and JPMorgan Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide (collectively, “JPMC”). Products and services may be provided by commercial bank affiliates, securities affiliates or other JPMC affiliates or entities. In particular, securities brokerage services other than those which can be provided by commercial bank affiliates under applicable law will be provided by registered broker/dealer affiliates such as J.P. Morgan Securities Inc., J.P. Morgan Institutional Investments Inc. or Chase Investment Services Corporation or by such other affiliates as may be appropriate to provide such services under applicable law. Such securities are not deposits or other obligations of any such commercial bank, are not guaranteed by any such commercial bank and are not insured by the Federal Deposit Insurance Corporation.

This material is provided to you for informational purposes only; and any use for other than informational purposes is disclaimed. It is a summary and does not purport to set forth all applicable terms or issues. It is not intended as an offer or solicitation for the purchase or sale of any financial product and is not a commitment by JPMC as to the availability of any such product at any time. The information herein is not intended to constitute legal, tax, accounting, or investment advice, and you should consult your own advisors as to such matters and the suitability of any transaction. JPMC makes no representations as to such matters or any other effects of any transaction. In no event shall JPMC be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in, or omissions from, the information herein.

 

Copyright © 2018 JPMorgan Chase & Co. All rights reserved.