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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 includsive work environment is critical to our success - and it includes a commitment for 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 93.50% 93.10%

* UK 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.

1. 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 Career

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.

 

We are committed to hiring the best qualified candidates and maintaining a continuous pipeline of diverse talent.

JPMORGAN CHASE RE-ENTRY PROGRAM
An initiative focused on attracting highly accomplished individuals who have taken a voluntary career break and wish to return to the workforce.

JPMORGAN CHASE RE-ENTRY PROGRAM
An initiative focused on attracting highly accomplished individuals who have taken a voluntary career break and wish to return to the workforce.

TECH CONNECT PROGRAM
A pathway for graduates from non-technical backgrounds into our Technology Analyst Program.

TECH CONNECT PROGRAM
A pathway for graduates from non-technical backgrounds into our Technology Analyst Program.

WINNING WOMEN
An introductory program to recruit more women at the start of their careers.

WINNING WOMEN
An introductory program to recruit more women at the start of their careers.

DIVERSE SLATES
Managers are expected to include women and minority candidates in the hiring process, and reporting, resources and tools are available to help them.

DIVERSE SLATES
Managers are expected to include women and minority candidates in the hiring process, and reporting, resources and tools are available to help them.

We are committed to providing employees with ongoing feedback and coaching to help build skills and identify opportunities to grow.

WORKING VOICES AND WOMEN ON BOARDS
Partner organizations that help run skill-building workshops.

WORKING VOICES AND WOMEN ON BOARDS
Partner organizations that help run skill-building workshops.

30-5-1 CAMPAIGN
An initiative to recognize talented women throughout the firm and celebrate success.

30-5-1 CAMPAIGN
An initiative to recognize talented women throughout the firm and celebrate success.

TAKE IT FORWARD
An employee group for women technologists focused on leadership skills and advancing technical acumen.

TAKE IT FORWARD
An employee group for women technologists focused on leadership skills and advancing technical acumen.

LEADERSHIP ACCELERATION PROGRAM
A program that provides women with the tools they need to take their careers to the next level.

LEADERSHIP ACCELERATION PROGRAM
A program that provides women with the tools they need to take their careers to the next level.

We are committed to creating an environment where employees feel they belong and can succeed, while providing resources to help them find balance.

EMPLOYER OF CHOICE
We believe in making J.P. Morgan the best place to be — where women can be themselves and thrive inside and outside of work.

EMPLOYER OF CHOICE
We believe in making J.P. Morgan the best place to be — where women can be themselves and thrive inside and outside of work.

MENTORING & SPONSORSHIP
Various business-led mentoring and sponsorship programs are available for women.

MENTORING & SPONSORSHIP
Various business-led mentoring and sponsorship programs are available for women.

SUPPORT FOR PARENTS
Multiple resources are available for parents. These include maternity mentoring and coaching, shared parental leave, emergency backup childcare and daycare, as well as online resources.

SUPPORT FOR PARENTS
Multiple resources are available for parents. These include maternity mentoring and coaching, shared parental leave, emergency backup childcare and daycare, as well as online resources.

MEQUILIBRIUM
A resource for discovering, learning and practicing the skills and behaviours that lead to better resiliency and continuous improvement.

MEQUILIBRIUM
A resource for discovering, learning and practicing the skills and behaviours that lead to better resiliency and continuous improvement.

We encourage employees to consider new opportunities and broaden their network.

WOMEN ON THE MOVE
An inclusive initiative that focuses on women helping other women with a goal of bringing about gender equality and gender fairness everywhere. We hope to empower all women to be their best and happiest at work, and to grow in their careers as far as their abilities will take them.

WOMEN ON THE MOVE
An inclusive initiative that focuses on women helping other women with a goal of bringing about gender equality and gender fairness everywhere. We hope to empower all women to be their best and happiest at work, and to grow in their careers as far as their abilities will take them.

MORE WOMEN IN MORE LEADERSHIP POSITIONS
Women who help each other, along with men who are advocates, provides a positive network of people who help each other progress at work.

MORE WOMEN IN MORE LEADERSHIP POSITIONS
Women who help each other, along with men who are advocates, provides a positive network of people who help each other progress at work.

MOBILITY
Mobility opportunities are promoted across locations and business areas.

MOBILITY
Mobility opportunities are promoted across locations and business areas.

ADVANCING WOMEN EVERYWHERE
We recognize our responsibility and ability to help women who are clients in our communities thrive.

ADVANCING WOMEN EVERYWHERE
We recognize our responsibility and ability to help women who are clients in our communities thrive.

UK Women in Finance Charter: Our Pledge

UK Women in Finance Charter: Our Pledge

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 50% 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.

 

To build on our commitment we are pleased to have signed the UK Women in Finance Charter and set a target to achieve 30% women in UK located roles at our top two levels (Managing Director and Executive Director) by June 2023.

 

Since signing the Charter, we have marginally increased the representation of women in senior levels. We continue to focus our efforts and energy and recognize there is more work to do to meet our goal.

 

 


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