Banks: Women earn 23% less, but Italy outperforms Germany and France.

When it comes to gender pay gaps in the financial sector, Italy fares better than many other countries, from France to Germany. An analysis conducted by the Uilca Orietta Guerra Research Center on over twenty financial institutions in the European Union shows that the major banks and insurance companies have a higher overall pay gap than Italy. However, the fact remains that the gender pay gap is a hurdle to overcome, and, as Uilca General Secretary Fulvio Furlan says, "the road to equality is still long," and to achieve it, "labor relations are key."

According to Eurostat data, by 2023, the gender pay gap in the financial sector in Europe will affect most countries: in Italy, it stands at 23%. Spain is below the Italian average at 14%, while Germany is above it at 27% and France at 32%. Among the reasons contributing to lower female pay, "there is the male predominance in front-office positions, in activities such as trading, investment fund management, and private banking, which generate high variable compensation. Women, on the other hand, are predominantly employed in back-office or administrative services," explains Roberto Telatin, head of the Uilca Orietta Guerra Research Center, who expects significant progress in the future. One useful tool is the new S1-16 – Remuneration Metrics indicator, which "will mark a very important step forward in transparency, as it will allow job seekers, too, to understand the type of professional environment they are entering and the potential salary prospects," continues Telatin. And then there's the EU Pay Transparency Directive, 970/2023: starting June 7, 2027, companies will be required to adopt and report on concrete measures to ensure equal pay between men and women, establishing pay transparency criteria and actions against wage discrimination.

In 2024, according to UILCA surveys, the gender pay gap in the major Italian banking groups ranged from 28.56% at Sparkasse to 11.35% at Monte dei Paschi di Siena. In the middle, Intesa Sanpaolo recorded 25.8%, Credem 24.29%, Unicredit 20%, Banco BPM 16.6%, and Bper 14.54%. In the insurance sector, the gap ranged from 29% at Reale Mutua to 14% at the Generali group. The situation in Europe is no better: the major banks and insurance companies show a wider overall pay gap than in Italy.

Reducing the pay gap is crucial, Furlan says, not only for equity reasons, but also "to ensure women's independence and autonomy and to prevent situations of economic violence, which is one of the causes of too many forms of gender-based violence. In Italy, banks and insurance companies are working to close this gap, including in their business plans the goal of reducing the pay gap, as well as enhancing the value of female employees, but the data shows us that there is still a long way to go."

Different countries have different gaps, because the gender pay gap isn't the same everywhere. Even within the same banking group, it varies from country to country. The UniCredit Group, for example, has percentages ranging from 36% in Russia to 29% in Germany, 20% in Italy, and 14% in Bosnia and Herzegovina. "These variations," Furlan explains, "suggest that the gender pay gap isn't solely due to corporate decisions, but also external factors, such as the country's social history, economic policy, the role of public and private welfare, the level of public services, social expectations, and the education system."