UK bank Lloyds says Black employees earn nearly 20% less than white colleagues

2020-12-12 20:52:06
UK bank Lloyds says Black employees earn nearly 20% less than white colleagues

Lloyds, one of the largest banks in Britain, revealed Friday that its Black employees on average make nearly a fifth less than their white colleagues.

The bank said that the median average pay difference was 19.7% for Black workers and 15.7% for Asian workers compared with their white counterparts.

Meanwhile, the median average pay gap for all Black, Asian and minority ethnic workers compared with white workers was 14.8%.

Lloyds said the ethnicity pay gaps at the company reflected a lack of Black and minority workers employed at a senior level and not employees of different ethnicities receiving different pay for the same role.

Companies globally have grappled with concerns over racial inequality this year in response to the Black Lives Matter movement, including issues such as pay and representation particularly at senior levels.

Reporting on ethnicity pay gaps by companies is voluntary in the UK - unlike for gender pay gaps - and still relatively rare, although more businesses have committed to disclosing figures or have done so, such as energy giant Royal Dutch Shell.

Lloyd's chief executive Antonio Horta-Osório said that in looking at the data and listening to colleagues, "we recognize that specific groups face difficult and often nuanced challenges in being themselves at work."

"Our Black colleagues remain significantly under-represented at all levels, accounting for just 1.5% of our total workforce and 0.6% of our senior management," he added in a statement.

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