This article is published in collaboration with Quartz
Banking is, and has always been, dominated by men. But women are making inroads, even at the top. Still, new research shows that a massive pay gap exists among bank CEOs.
Bank CEOS make a lot of money, whatever their gender. But SNL Financial found that not only do women make less than men in the same positions—about $150,000 less, on average, for CEOs—this gap gets wider as they advance towards the top job.
Unconscious bias and a lack of role models at the most senior levels are part of the problem, industry experts say in the report. Also, size matters. When women reach the top roles, it is typically at smaller banks.
- Mary Callahan Erdoes, CEO of JPMorgan’s asset management arm, is the highest-paid female bank executive, with $15.7 million
- Jamie Dimon at JPMorgan is the highest paid male bank CEO, with $27.7 million
Of course, banking is not the only industry in which women struggle to make it to the top.
Publication does not imply endorsement of views by the World Economic Forum.
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Author: Jenny Anderson is a reporter for Quartz.
Image: A Businesswoman is silhouetted as she makes her way under the Arche de la Defense, in the financial district west of Paris. REUTERS/Christian Hartmann.