© Provided by City AM Lloyds Banking Group has revealed that black staff at the company receive 20 per cent less pay than their colleagues.
The mean ethnicity pay difference for BAME employees is 6.8 per cent. However, black employees, who make up only 1.5% of their workforce, have the greatest median pay difference of 19.7 per cent.
The pay gap is a result of BAME under-representation at a senior level. The report found that black employees make up just 0.6 per cent of senior management.
Group chief executive, Antonio Horta-Osorio, said: "We are an anti-racist organisation - one where all employees speak up, challenge, and act to take an active stance against racism."
The data report was part of the banks Race Action Plan, launched in July, designed to address the challenges faced by ethnic minorities, focusing on culture, recruitment and progress.
They have also announced the creation of a Black Business Advisory Committee led by Claudine Reid MBE.
Read more: City sponsors initiative for more diversity in asset management
Under-representation is an ongoing issue within the finance industry. The Parker Review, a government-sponsored body, reported that some 37 FTSE 100 companies had no Black, Asian or minority ethnic directors in February this year.
Lloyds is the first to disclose this information. Data from the Investment Association found that almost three-quarters of FTSE 100 firms failed to report the ethnic make-up of their boards this year.
However, the industry is looking to change.
The City of London Corporation, the Chartered Institute for Securities and Investment and the Diversity launched a program to increase access to the corporate world for black individuals. The program was sponsored by BlackRock and Goldman Sachs Asset Management.
Read more: Investors demand greater transparency on ethnic diversity on boards
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