Bank of America publishes its 2023 UK Gender Pay Report

UK gender pay gap key points

• For UK gender pay reporting requirements, companies must disclose the mean (average) and median pay gap between women and men across an entire organization. The report does not focus on the compensation that women and men receive for performing the same or comparable roles.
• The UK gender pay report shows that as of April 2023, we have a median pay gap of 27.5% and a mean pay gap of 25.7% across our three UK legal entities.
• The underlying reason for our gender pay gap is that there are more men than women in senior roles and in some functions that can carry a higher level of compensation, making the ‘average’ pay for men higher than the ‘average’ pay for women.
• We continue to work hard to improve gender balance through our recruitment, development and engagement programmes which focus on bringing female talent to our company, advancing women at all levels and supporting economic empowerment of women around the world.

Read the full 2023 report here
Access the previous reports here

Equal pay at Bank of America

Gender pay gap reporting is not the same as equal pay for equal work analysis.  The gender pay gap is the difference in men and women’s compensation on an aggregate basis without adjusting for role, seniority or performance.

Bank of America is committed to equal pay for equal work.  We maintain robust policies and practices reinforcing our commitment, including independent analyses from outside experts to ensure that we pay equitably, with oversight from our Board and senior leaders. The results of our latest 2023 review of equal pay for equal work showed that, globally, compensation received by women was on average more than 99% of that received by men.

For more information on our progress in Diversity and Inclusion, please see the Human Capital Management Update within our Annual Report, our Diversity and Inclusion, page and our Investing in Women page.

4/2/2024