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2018 UK Gender Pay Gap Report

Our Commitment to Diversity & Inclusion

With women representing nearly 50% of our global workforce and 45% of our firm’s Operating Committee, it is important to support the advancement of women at all stages of their career.

A diverse workforce and an inclusive work environment are critical to the success of our business. We believe that in a truly inclusive workplace, everyone counts and everyone participates.

UK Gender Pay Gap Reporting

Under 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 every year.

While we are committed to engaging and developing women at all levels, we currently have more men than women in senior roles, and consequently, we have a “pay gap” – which reflects a difference in the average and median pay of women and men across the firm. This is not the same as pay equity, which focuses more on pay for men and women performing the same or comparable roles.

We know we have more work to do, not only to increase women’s representation at all levels, but to advance more women into management and leadership positions across the firm. The business is accountable in driving progress, investing in employees’ growth and committed to expanding advancement opportunities for women.

Gender Pay Gap Report – UK Overall*

  Representation   Year on Year Change
Quartiles Female Male     Female  
Low Quartile 48.4% 51.6%     1.3%  
Low to Median 38.1% 61.9%     1.2%  
Median to High 30.2% 69.8%     0.5%  
High Quartile 22.6% 77.4%     1.1%  
  Median Mean   Median   Mean
Pay Gap 25.7% 34.4%   0.1%   -1.4%
Bonus Gap 41.2% 66.7%   0.3%   -0.3%
  Female Male   Female   Male
Received Bonus 92.3% 93.8%   -1.3%   0.6%
   

* UK Overall figures include all UK legal entitites, including those with fewer than 250 employess.

Below are some observations based on our UK Overall figures:

  • Our gender pay figures are similar to our 2017 gender pay gap disclosure, but the mean pay gap has narrowed from 35.7% to 34.4%.
  • We have increased the number of women in all pay quartiles including increasing the representation of women in the top quartile by 1.1%.
  • We continue to see the greatest difference in gender representation in the top quartile, due to having more men than women in senior roles.

A disclosure is required for each J.P. Morgan legal entity with 250+ employees. Given the continued structural and headcount changes at legal entity level of the organisation, we believe that the UK overall figures are a more representative measure. This year five UK legal entities are in scope compared to six in 2017. Two legal entities have combined - employee headcount from J.P. Morgan Limited has moved to J.P. Morgan Securities plc.

“Pay” represents monthly base salary as well as other regular payments that were paid through payroll in April 2018 divided by the employee’s contractual hours for April. “Bonus” includes incentive related payments made during the 12 months preceding 5 April 2018. Generally, this will represent payments connected with the vesting of previously awarded deferred compensation and cash incentive compensation paid as part of the firm’s discretionary incentive plan. For more information on UK legal entities, please refer to our UK Gender Pay Gap Disclosure.

Advancing Women is a Key Priority

Based on feedback we have received across the firm, career development remains an important priority and we are actively focused on making continuous improvements to retain and develop employees. We build diversity into our performance development, and the development of a diverse and inclusive environment is tracked and measured at all stages of employment – outreach, marketing, recruitment, hiring, retention, promotion and development.

We offer multiple programs at the UK and global level designed to assist our employees in their professional and personal development. We will continue to consult on how these programs can be strengthened as we go forward to ensure we gain further momentum. 

In addition to the programs we highlighted in our 2017 Gender Pay Gap Report, throughout 2018, we have added further programmes:

  • We have publicly set a target to achieve 30% women in ED and MD UK based roles by 2023 and we deliver quarterly scorecards to senior leaders measuring progress across recruitment, promotions and retention.
  • Our Business Resource Group, Women on the Move Interactive Network has launched a Men as Allies initiative to discuss how to retain, develop and advance women at the firm.
  • We introduced a Reciprocal Mentoring pilot programme, which pairs female Executive Directors with senior leaders so they can share experiences on career progression.
  • We launched global initiatives such as our “Culture of Respect” program which focuses on the importance of speaking up.
  • The creation of support sessions for women returning from maternity leave.
  • We incorporated scenarios on gender and inclusion in our Business Conduct Training.
  • Managers and leaders participate in unconscious bias or inclusion training.
  • Anti-harassment training was launched for all employees in support of maintaining a harassment free workplace.
  • We piloted training for new fathers and expanded our offerings in backup childcare, which now includes a nanny service.
  • We regularly update our employees on progress being made and engage them in roundtable discussions gathering feedback on their lived experiences to help shape future policies.

Firm management has long focused on the empowerment and advancement of women employees. As a major employer across the globe, J.P. Morgan is committed to addressing diversity and inclusion and we are taking a disciplined and regionally tailored approach to help us make further progress. Success driven through empowerment is key to sustainable and lasting change.