I am pleased to share our UK gender pay gap data for 2021. This is the fifth year that we have disclosed our gender pay gap figures, which show continued progress in gender equity and inclusion at the firm. These reports also continue to highlight the work that remains to close the gap.
Investing in the development and advancement of women at all levels continues to be a strategic focus of the firm. As the report shows, our UK gender pay gap has generally narrowed and we’ve made progress on representation since last year’s report.
In 2021 in the UK, representation of women in senior roles rose to 26.7%, its highest level in three years since we signed the UK Women in Finance Charter. We also saw increased numbers of women in hiring and promotion. These are important contributions to our gender equity strategy but there is more work to do to narrow the gap over time. To address this, we continue to hold our most senior leaders accountable by linking their compensation with performance on key representation goals and inclusive behaviours.
We have expanded the Accountability Framework to include 12 firmwide diversity goals, three of which are focused on female representation.
As ever, our aim is to increase support for women in all stages of their careers. Notable achievements from this past year include a new partnership focused on increasing job-sharing opportunities and an internal website designed to help managers and employees understand the issues around menopause and provide them with resources. Last year also marked 10 years of our Aspiring Professionals Program, which has supported more than 800 students across the UK on their transition from education to employment, 44% of the most recent intake to the Program was female. We have also started an initiative to support employees experiencing domestic abuse, including raising awareness among managers and providing financial support to employees leaving abusive relationships.
Broad commitment by the firm’s senior leaders coupled with active participation by everyone and accountability for progress at all levels will enable us to meet our long-term goals and achieve sustainable success as a firm. I look forward to continuing to foster an environment of inclusion, equity and allyship to further narrow the gender pay gap.
Viswas Raghavan, EMEA CEO
Gender Pay Gap Report – UK Overall*
|
Representation | |
| Quartiles | Female | Male |
| Low Quartile | 50.6% | 49.4% |
| Low to Median | 39.8% | 60.2% |
| Median to High | 32.3% | 67.7% |
| High Quartile | 24.4% | 75.6% |
| Pay Gaps | Median | Mean |
| Hourly Pay | 23.9% | 30.9% |
| Bonus Pay | 37.9% | 59.7% |
| Female | Male | |
| % Employees Received Bonus | 92.9% | 93.9% |
*UK overall figures include all UK legal entities, including those with fewer than 250 employees.
The following are some key findings on our overall UK figures year over year:
- Our mean hourly pay gap has narrowed by -1.4% from 32.2% to 30.9%.
- Our median hourly pay gap has narrowed by -0.3% from 24.2% to 23.9%.
Since we started reporting over a 5 year period:
- The mean and median pay gap for both hourly and bonus pay has narrowed.
- The percentage of women in all quartiles has increased.
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 now 39% 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 2022 we have 28.2% female representation in senior management. At the current time we continue to move in a positive direction towards meeting our commitment by June 2023. We are continuing to monitor the impact of hiring, promotion and attrition on our progress to this goal.