Spain’s Santander Cuts Pay Gap for Equal Work Ahead of Target
- Spain’s biggest lender announced a plan for equal pay in 2019
- The gender pay gap remains high in the finance industry
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Banco Santander SA has eliminated its gender pay gap for employees globally who do the same job, although its overall pay gap remains close to 30%.
The bank first announced a plan to equalize pay for the same work by 2025 in 2019, after it unveiled that the gap stood at 3% a year earlier. In a report published late Monday, the lender said the measure — which includes bonuses — now stands close to zero, two years ahead of its target. By comparison, Spain’s second largest lender Banco Bilbao Vizcaya Argentaria SA said earlier this month its pay gap stood at 0.5% in 2023.