London Daily

Focus on the big picture.
Thursday, Oct 30, 2025

Slave trader tradition: Black staff at Lloyds are paid 20% less than their peers, bank reveals

Slave trader tradition: Black staff at Lloyds are paid 20% less than their peers, bank reveals

Lloyds on June Apologizes for Its ‘Shameful’ Role in Atlantic Slave Trade but... its black staff are being paid nearly 20% less than their colleagues, as it became the first major UK bank to disclose its black pay gap.
Britain’s biggest high street lender said the earnings gap was due to a lack of black staff in senior positions that come with larger salaries and bigger bonuses. Figures released as part of its wider race action plan showed the median pay gap between black staff and their colleagues was 19.7%, while the bonus gap stood at 37.6%.

Black employees make up 1.5% of Lloyds staff, but only hold 0.6% of the top jobs at Lloyds. The bank pledged in July to increase the number of black staff in senior roles to 3% by 2024 – bringing it in line with the black population in England and Wales – in response to Black Lives Matter protests this summer.

It is difficult to determine how Lloyds’ black pay gap compares with rivals, given that the bank is the first to publish the data. Unlike gender pay gap reporting, the disclosure of ethnicity pay gaps is still voluntary.

NatWest and Barclays are the only major lenders to have previously published combined pay gap data for black, Asian and minority ethnic (BAME) staff, though Santander UK expects to follow suit later this month and Virgin Money plans to do so in 2021.

Lloyds reported its own BAME pay gap for the first time on Friday, showing a 14.8% median difference, while the bonus pay gap stood at 32.5%. BAME staff account for 10.3% of all staff at Lloyds, and 7.3% of senior management. However, Lloyds said that, on average, BAME colleagues in the same role as white colleagues were not paid any less than their peers.

At Barclays, BAME staff in the UK earned 7.6% more than their peers on a median basis in 2019, though they were paid 11% less in bonuses. Across NatWest’s UK and Ireland operations, BAME staff earned 15.7% less in wages on a median basis, and 12.3% less in bonuses.

The Lloyds staff union, Accord, urged other major banks to publish ethnicity pay data. “We also need the government to step up, too. Introducing mandatory ethnicity pay gap reporting is an obvious first step,” said Accord’s general secretary, Ged Nichols.

Lloyds also announced on Friday that it was launching a black business advisory committee led by the former Cabinet Office adviser Claudine Reid, to understand barriers faced by black-owned businesses. It will share its research and recommendations in the spring.

The banking group confirmed that the shortlist for its new chief executive had included a BAME candidate, but ultimately it chose HSBC executive Charlie Nunn for the job.

Lloyds’ outgoing boss, António Horta-Osório, said: “We want to be clear that we are an anti-racist organisation – one where all employees speak up, challenge, and act to take an active stance against racism. In doing so, our colleagues will help break down the barriers preventing people from meeting their full potential.”
#ANT 
Newsletter

Related Articles

0:00
0:00
Close
UK and Vietnam Sign Landmark Migration Deal to Fast-Track Returns of Irregular Arrivals
UK Drug-Pricing Overhaul Essential for Life-Sciences Ambition, Says GSK Chief
Princesses Beatrice and Eugenie Temporarily Leave the UK Amid Their Parents’ Royal Fallout
UK Weighs Early End to Oil and Gas Windfall Tax as Reeves Seeks Investment Commitments
UK Retail Inflation Slows as Shop Prices Fall for First Time Since Spring
Next Raises Full-Year Profit Guidance After Strong Third-Quarter Performance
Reform UK’s Lee Anderson Admits to 'Gaming' Benefits System While Advocating Crackdown
United States and South Korea Conclude Major Trade Accord Worth $350 Billion
Hurricane Melissa Strikes Cuba After Devastating Jamaica With Record Winds
Vice President Vance to Headline Turning Point USA Campus Event at Ole Miss
U.S. Targets Maritime Narco-Routes While Border Pressure to Mexico Remains Limited
Bill Gates at 70: “I Have a Real Fear of Artificial Intelligence – and Also Regret”
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Saudi Arabia Unveils Vision for First-Ever "Sky Stadium" Suspended Over Desert Floor
Amazon Announces 14 000 Corporate Job Cuts as AI Investment Accelerates
UK Shop Prices Fall for First Time Since March, Food Leads the Decline
London Stock Exchange Group ADR (LNSTY) Earns Zacks Rank #1 Upgrade on Rising Earnings Outlook
Soap legend Tony Adams, long-time star of Crossroads, dies at 84
Rachel Reeves Signals Tax Increases Ahead of November Budget Amid £20-50 Billion Fiscal Gap
NatWest Past Gains of 314% Spotlight Opportunity — But Some Key Risks Remain
UK Launches ‘Golden Age’ of Nuclear with £38 Billion Sizewell C Approval
UK Announces £1.08 Billion Budget for Offshore Wind Auction to Boost 2030 Capacity
UK Seeks Steel Alliance with EU and US to Counter China’s Over-Capacity
UK Struggles to Balance China as Both Strategic Threat and Valued Trading Partner
Argentina’s Markets Surge as Milei’s Party Secures Major Win
British Journalist Sami Hamdi Detained by U.S. Authorities After Visa Revocation Amid Israel-Gaza Commentary
King Charles Unveils UK’s First LGBT+ Armed Forces Memorial at National Memorial Arboretum
At ninety-two and re-elected: Paul Biya secures eighth term in Cameroon amid unrest
Racist Incidents Against UK Nurses Surge by 55%
UK Chancellor Rachel Reeves Cites Shared Concerns With Trump Administration as Foundation for Early US-UK Trade Deal
Essentra plc: A Closer Look at a UK ‘Penny Stock’ Opportunity Amid Market Weakness
U.S. and China Near Deal to Avert Rare-Earth Export Controls Ahead of Trump-Xi Summit
Justin time: Justin Herbert Shields Madison Beer with Impressive Reflex at Lakers Game
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
Giuffre’s Memoir Alleges Maxwell Claimed Sexual Act with Clooney
House Republicans Move to Strip NYC Mayoral Front-Runner Zohran Mamdani of U.S. Citizenship
Record-High Spoiled Ballots Signal Voter Discontent in Ireland’s 2025 Presidential Election
Philippines’ Taal Volcano Erupts Overnight with 2.4 km Ash Plume
Albania’s Virtual AI 'Minister' Diella Set to 'Birth' Eighty-Three Digital Assistants for MPs
Tesla Unveils Vision for Optimus V3 as ‘Biggest Product of All Time’, Including Surgical Capabilities
Francis Ford Coppola Auctions Luxury Watches After Self-Financed Film Flop
Convicted Sex Offender Mistakenly Freed by UK Prison Service Arrested in London
United States and China Begin Constructive Trade Negotiations Ahead of Trump–Xi Summit
U.S. Treasury Sanctions Colombia’s President Gustavo Petro over Drug-Trafficking Allegations
Miss USA Crowns Nebraska’s Audrey Eckert Amid Leadership Overhaul
‘I Am Not Done’: Kamala Harris Signals Possible 2028 White House Run
NBA Faces Integrity Crisis After Mass Arrests in Gambling Scandal
Swift Heist at the Louvre Sees Eight French Crown Jewels Stolen in Under Seven Minutes
U.S. Halts Trade Talks with Canada After Ontario Ad Using Reagan Voice Triggers Diplomatic Fallout
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
×