Gender Pay Gap in Australian Finance Sector Revealed by Investment Bank Reports

The gender pay gap within the Australian finance sector has been brought to light by recent reports from prominent investment banks such as Morgan Stanley. Despite initiatives to increase gender diversity in high-earning positions, disparities in median pay continue to persist.

Fund manager Lucy Steed emphasized the need for a cultural shift in industries like investment banking, private equity, and asset management to reduce the stark gaps in pay between men and women. She highlighted the importance of encouraging men to prioritize work-life balance and family responsibilities.

The Workplace Gender Equality Agency‘s latest findings showed that while there is an equal split between men and women in the finance industry, men hold a significantly higher percentage of top-paying roles compared to women. Companies like Barrenjoey, Morgan Stanley, and Goldman Sachs have reported disparities in gender representation across different salary quartiles.

Richard Wagner, the local CEO of Morgan Stanley, acknowledged the gender pay gap and outlined the firm’s efforts to address the issue through its diversity council and multi-year action plan. Initiatives include gender-balanced hiring panels and inclusive job descriptions to promote more women into senior positions.

Sarah Rennie, co-CEO of investment bank Jarden, affirmed that equal pay for equal work is maintained within the organization but recognized the underrepresentation of women in well-paid roles contributes to the overall gender pay gap.