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2019 UK Gender Pay Gap Report
Our Commitment to Diversity & Inclusion
At JPMorgan Chase, we believe that a diverse workforce and an inclusive work environment are critical to the success of our business, and that continues to include a commitment to gender diversity. Women now represent half of our firm’s Operating Committee and nearly 50% of our global workforce, and we are committed to supporting the advancement of women at all stages of their careers.
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 remain committed to engaging and developing women at all levels, we still have more men than women in senior roles. Consequently, we have a “pay gap,” which reflects a difference in the average and median pay of women and men in the UK. This is different from “pay equity,” which focuses more on pay for men and women performing the same or comparable roles.
Gender Pay Gap Report – UK Overall*
|Low to Median||37.70%||62.30%|
|Median to High||29.90%||70.10%|
*UK Overall figures include all UK legal entities, including those with fewer than 250 employees.
The following are some observations on our overall UK figures:
- We continue to see the greatest difference in gender representation in the top quartile, as a result of having more men than women in senior roles
- The mean pay gap has narrowed, from 34.4 % to 34.1%
- Our bonus gap has narrowed by 3.7% to 37.5% (median) and 2.6% to 64.1% (mean)
A disclosure is required for each J.P. Morgan legal entity with 250+ employees. This year, five UK legal entities are in scope for disclosure. 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 of our progress.
“Pay” represents monthly base salary as well as other regular payments that were paid through payroll in April 2019, divided by the employee’s contractual hours for April. “Bonus” includes incentive-related payments made during the 12 months preceding 5 April 2019. 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.
INVESTING IN THE ADVANCEMENT OF WOMEN IN EMEA
AN OVERVIEW OF THE PROGRAMS IN PLACE TO HELP ATTRACT, DEVELOP AND RETAIN TOP TALENT
The J.P. Morgan Financial Services and Technology Degree Apprenticeships are designed to provide school leavers with an alternative route to join the firm.
Apprentices obtain a degree from the University of Exeter — the training provider — and professional qualifications without incurring the associated costs.
The Software Engineer Immersion Program exposes interns who are interested in software development, but might not otherwise consider a career in technology within the financial services sector, to ten weeks of training before placing them in teams who focus on technology solutions for our global business.
We host events and receptions for undergraduates from universities across the region. These sessions are attended by at least one Managing Director and enable us to fast-track internship applications for those interested in:
- Investment Banking
- Investor Services
- Wealth Management
J.P. Morgan partners with Bright Network for the purposes of specifically targeting and promoting our opportunities to female students. The firm attends an annual interbank event in London as part of International Women’s Day.
Our Winning Women programs are designed to provide penultimate year university students with the opportunity to meet some of J.P. Morgan’s inspirational leaders. This day-long insight provides a glimpse of the global finance industry and is hosted in our offices in London.
Candidates can find out more and apply by searching: jpmorgan.com/winningwomen
The Tech Connect Program is for diverse graduates who do not have a background in computer science or coding, but have a passion for developing innovative technology solutions. Candidates learn to read, write and understand basic Java, as well as receive support and coaching from senior business leaders.
Following their boot camp, students will attend the Software Engineering Program while also working on live projects such as the social innovation program that supports non-profits.
Candidates can find out more and apply by searching: jpmorgan.com/techconnect
The Re-Entry Program offers professionals on a career break the support and resources needed to relaunch their careers.
Candidates should currently be on a voluntary career break of two or more years and have a desire to return to full-time employment. Target candidates are at the Associate and Vice President (VP) levels (or equivalent) at the time of departure from their previous employment with relevant experience for the role in which they are being considered.
Candidates can find out more and apply by searching: ‘J.P. Morgan Re-Entry Program’
We are helping managers mitigate bias and make better decisions every day through new digital learning experiences, interactive virtual webinars and in-person sessions focused on driving inclusion. The course content is based on neuroscience and is developed in partnership with industry experts.
We have partnered with an external organization to deliver bespoke board readiness workshops.
The sessions are designed for women considering their first board role or seeking to add a new non-executive director or trustee role to their portfolio. This is open to Vice Presidents and above across the region.
We work with external organizations to host skills-building workshops to help our women prepare for a range of difficult conversations in the modern work environment.
These workshops are currently offered across the region and focus on topics such as:
- Emotional intelligence
Seeking to bolster the number of senior women leaders, our Corporate and Investment Bank created the Leadership Acceleration Program (LeAP), which aims to develop top talent Vice President women to create a pipeline of future senior leaders. The program provides employees with hands-on training and mentorship from senior leaders across the firm.
Take IT Forward provides Associate and Vice President women technologists with professional and technical skill development opportunities, career coaching and networking with senior leaders and cohorts for peer support.
Leadership & Engineering Advancement is a five-day professional development program for Junior and Senior level Associates in Technology. Participants learn about communication, problem solving and influencing skills, and collaborate on a project with cross-LOB colleagues that they present to local executives.
Leadership Edge is our firmwide set of in-class programmes and resources to develop great managers and leaders, and build one strong leadership culture.
Aspiring managers can take the self-guided learning program, EXPLORE, and all employees have access to the leadership center, iLead — a curated selection of leadership and management insights, tools and activities.
The 30-5-1 global campaign is a framework designed to support women’s career advancement. The message is simple: a senior leader should spend 30 minutes a week having coffee with a talented woman; spend 5 minutes a week congratulating a female colleague on a win or success; and spend 1 minute a week celebrating their successes with other colleagues.
Women on the Move is about women supporting women — empowering staff to take ownership of their careers and work together to overcome the unique barriers they face in the workplace.
The networks in EMEA encompassed by Women on the Move include:
Women on the Move - Interactive Network
Men as Allies
Business Aligned Networks
The network — one of the many Business Resources Groups (BRGs) at the firm — collaborates with lines of business, locations and human resources to provide members with access to tools that enable the successful retention, development and advancement of women at all levels at J.P. Morgan.
Women on the Move championed the ‘Men as Allies’ program to encourage male colleagues across the firm to join WOTM IN as an ally and partner to further the cause. The program was launched on International Men’s Day — 11 Nov. 2018.
J.P. Morgan employees have the opportunity to participate in a range of internal networks that are exclusively designed for them based on seniority. These networks enable the broadening of skills and maximization of career mobility opportunities.
Women on the Move ED Connect
ED Connect is a firmwide initiative established by and for Executive Director-level women in EMEA. It offers employees the ability to select and participate in a series of activities designed to raise visibility of members, enable 1:1 career-oriented conversations and extend internal personal and business networks.
Women on the Move Junior Connect
Junior Women Connect is a peer networking group for select female Analysts and Associates in the Corporate and Investment Bank (CIB). It’s designed to facilitate development opportunities for our junior talent through mentoring and training.
Women on the Move VP Connect
VP Connect is open to all female Vice President employees within our Corporate and Investment Bank (CIB). The network focuses on training and development opportunities relevant to VP women while extending their personal and business networks.
There are a range of women’s networks within specific business areas that facilitate learning. Employees are automatically enrolled on to these networks depending on their business area.
parents@jpmc is a global, firmwide initiative to promote parental programs and provide practical support and tools to help working parents. Resources provided include information about benefits, time off policies, feeding support, adoption assistance, child care options, mentor programs and education.
Finding Families is an initiative jointly sponsored by PRIDE and Working Families which connects employees to buddies who can discuss alternative routes to ‘finding’ a family, such as adoption, surrogacy, donor and other alternative family structures. It also connects colleagues who would like to discuss infertility, childlessness and miscarriage. This initiative is available to all employees regardless of gender or sexual orientation.
The parental buddy programs provides a framework to form an informal and confidential relationship with a colleague who is a more experienced parent.
Senior Managing Directors regularly host a maternity returner lunch. This provides a forum for new mothers to network across the business with other maternity returners.
In the United Kingdom, all employees are eligible for 26 weeks paid leave on becoming parents under the Maternity, Adoption or Shared Parental Leave policies.
In 2019, the ‘Paternity Leave’ period was renamed ‘Non-primary Parental Care Giver Leave’ and was increased from two weeks to a total of six weeks. This is inclusive of the statutory two weeks paternity leave period and can be taken any time within the first year of the child’s birth (or date of placement for adoption). Up to ten days can be taken as single days and the remainder can be taken in incremental blocks of one week or more.
We also have a global minimum standard of 16 weeks for primary parental caregivers and two weeks for non-primary parental caregivers.
We provide a range of offerings to support employees at the time of taking and returning from maternity and paternity leave. These include workshops and webinars that are designed to help employees transition back into the workplace.
Through our Working Families Network and Access Ability Business Resource Groups (BRGs), we run a series of awareness raising workshops that help employees with their parental and elderly care responsibilities. These include a Grandparent and Child series, brown bag lunches for single mothers, surrogacy and adoption advice sessions and sessions aimed at providing support to those returning to work after maternity/adoption leave.
The Back-Up Childcare Program has been designed to help UK employees on days when their usual childcare arrangements are unavailable. It includes:
- Up to 20 days of subsidised back-up care, per child, per program year
- Home-based childcare (nanny provision) from 3 months to 17 years of age
- Nursery care for children 3 months to 5 years of age
- Out of School care within Holiday Clubs or Playschemes for children 5 years to 14 years of age
- Access to a 24/7 contact centre
In select locations, Maternity Lounges are available for pregnant or nursing mothers.
To help staff manage the challenges of work, family, career, education and the many other facets of their lives, J.P. Morgan offers employees and their families 24/7, confidential, enhanced employee assistance and work-life services through Optum.
The services can help with issues related to:
- Life challenges including work-life balance, family conflict, parenting, pregnancy, maternity coaching, work-related conflicts, financial stress and traumatic loss
- Emotional health including depression, anxiety, difficulty controlling anger, alcohol or drug abuse, and grief
- Legal and financial issues
- Referrals including for help finding childcare facilities, elder-care services, and physical health and wellness resources
- Assistance in finding general community resources to help support other family needs
MeQuilibrium (meQ) is an online and mobile program designed to help employees manage stress, feel their best and become more resilient.
MeQ uses personalised stress profiles and provides skills to help employees practice behavioural changes to:
- Stay calm and focused
- Boost self-confidence
- Sleep better
- Work well under pressure
- Better handle life’s competing demands
Disclosure by Legal Entity
Under the legislation that took effect in April 2017, companies in the UK with at least 250 employees are required to publish their overall gender pay gap between men and women.
The following information is available for each relevant legal entity:
- The proportion of females and males in each quartile
- The mean and median gender pay gap and bonus pay gap
- The proportion of females and males receiving a bonus
To view the information by legal entity, select below:
- J.P. Morgan Chase Bank, National Association
- J.P. Morgan Securities plc
- J.P. Morgan Europe Ltd
- JPM Asset Management (UK) Ltd
- J.P. Morgan Bank Luxembourg S.A. – London Branch
J.P. Morgan Chase Bank, National Association
|Low to Median||37.40%||62.60%|
|Median to High||29.20%||70.80%|
J.P. Morgan Securities plc
|Low to Median||34.7%
|Median to High||21.60%||78.40%|
J.P. Morgan Europe Ltd
|Low to Median||41.10%||58.90%|
|Median to High||36.40%||63.60%|
JPM Asset Management (UK) Ltd
|Low to Median||39.20%||60.80%|
|Median to High||28.50%||71.50%|
J.P. Morgan Bank Luxembourg S.A. – London Branch
|Low to Median||39.1%||60.90%|
|Median to High||30.5%||69.50%|
The mean, or average, represents the total pay for all included employees divided by the number of employees.
The median is the middle value when the pay of all employees is arranged in ascending order.
“Pay” represents monthly base salary as well as other regular payments that were paid through payroll in April 2019, divided by the employee’s contractual hours for April.
“Bonus” includes incentive-related payments made during the 12 months preceding 5 April 2019. 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 annual incentive plan.
Employee pay has been ordered highest to lowest and split into four equally sized groups (quartiles) and the percentages show the representation of men and women in each of those groups.
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. When we signed up to the Charter in June 2018 we had 24.4% female representation. As of June 2020 we have 25.1% female representation in senior management.
We confirm that the information included in this disclosure is accurate and meets the requirements of the Equality Act 2010 (Gender Pay Gap information) Regulations 2017.
Head of Human Resources, Europe, Middle East and Africa
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