I am pleased to share our UK gender pay gap data for 2022. This is the sixth year that we have disclosed our UK gender pay gap figures, which show continued progress in gender equity and inclusion at the firm. As shown in the report, the gap has narrowed further and representation has increased since last year’s report.
Investing in the recruitment, advancement and retention of women at all levels is a strategic focus of the firm. As of Q4 2022, women represent 49% of our global workforce, 40% of our EMEA workforce and 39% of our Operating Committee. In the UK, representation of women in senior roles rose to 28.3% in 2022 – a 1.6% increase from the year prior and the highest level since we signed the UK Women in Finance Charter in 2018.
There is ongoing work to continue to narrow the gap and continue to improve the representation of women, particularly at our most senior levels. Through our accountability framework, we strengthened the way we incorporate our goal of increasing representation of underrepresented groups into year-end performance evaluations and compensation decisions for our most senior leaders globally. This positions us to drive accountability further to more leaders and managers throughout the firm.
Notable achievements over the past year include:
- Changing our global policy to provide eligible parents with a minimum of 16 weeks’ paid parental leave, which in the UK increased non-primary parental leave from 6 to 16 weeks for all new parents (birth and adoption). This is separate from the existing UK maternity leave entitlement of 52 weeks, irrespective of length of service
- Increased bereavement/compassionate leave globally to 20 days for the loss of a spouse/domestic partner, child or stillbirth/miscarriage
- New employee access to private General Practitioner (GP) appointments with a GP who specializes in menopause, as well as cover for menopause-related treatment under the firm’s UK healthcare plans where referred by a GP
- Personalized expert support for fertility, pregnancy, early parenthood and menopause available to employees and their partners through the Peppy app
- Coverage for infertility treatment introduced to the firm’s UK healthcare plans for employees and eligible dependants
- Celebrating the 10th anniversary of the ReEntry Program, which offers experienced professionals currently on a career break of at least two years the support and resources to relaunch their careers; 87% of 2022 participants were women
Continued commitment by the EMEA Management Committee and the firm’s senior leaders will enable us to meet our long-term goals and achieve sustainable success as a firm. We are determined to continue to improve the representation of women at the firm and build upon our progress to further close 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 | 40.3% | 59.7% |
| Median to High | 34.3% | 65.7% |
| High Quartile | 25.8% | 74.2% |
| Pay Gaps | Median | Mean |
| Hourly Pay | 19.8% | 27.6% |
| Bonus Pay | 36.7% | 56.4% |
| Female | Male | |
| % Employees Received Bonus | 88.5% | 89.3% |
*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:
- Over 6 years the mean and median pay gap for both hourly and bonus pay have narrowed and the percentage of women in all quartiles has increased
- This year our mean hourly pay gap has narrowed by 3.2% from 30.9% to 27.6% and our median hourly pay gap has narrowed by 4.1% from 23.9% to 19.8%
- All metrics are driven by a higher rate of increase in pay for women than for men
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, equity and inclusion. Women represent 49% of our global workforce and 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 2023 we had 28.8% female representation in senior management. We have extended the target timeline to December 2025. Although we did not meet the goal by June 2023, we have made meaningful and significant progress and are above the industry average for Global/Investment Bank sector (28% as of 2023 New Financial Annual WIFC Review). The organisation has grown throughout this period, and it is worth noting that in parallel, we have achieved the following positive changes for women:
- Continued improvement in narrowing of the UK gender pay gap
- Implemented new benefits/policies in UK covering parental leave, menopause, fertility and domestic violence support
- Since signing the WIFC in June 2018, the firm implemented the global Accountability Framework which, with continued OC/OC-1 focus, supports the firm’s diversity and inclusion efforts and initiatives such as the WIFC