Gender pay gap report
Gender Pay Gap
Reflecting on Our Progress
2025 marks the fifth year of publishing our Gender Pay Gap report and provides a valuable opportunity to reflect on the progress we have made. When compared to our first year of reporting in 2020, all of our key Gender Pay Gap metrics have improved significantly, demonstrating the positive impact of our long term initiatives and the cultural evolution we have worked hard to embed.
These sustained improvements show that, although year on year fluctuations are inevitable, the overall trajectory continues to move in the right direction. As is common across the financial services sector, our Gender Pay Gap is influenced by the underrepresentation of women in senior roles. Addressing this long standing industry challenge remains a priority for us. Our focus continues to be on strengthening the female talent pipeline, supporting career progression, and ensuring equal opportunities at every level of the organisation.
Over the past year, we have continued to make meaningful progress in improving gender diversity across our workforce, including at senior levels. We have enhanced female representation in key leadership roles through both internal promotions and targeted external hiring—contributing to the long term improvement we have seen since we began reporting.
We also take great pride in the work of our employee networks, which lead our annual programme of inclusive initiatives for our community, women, young professionals and new starters. Bringing together senior leaders and employee representatives, these groups play a central role in fostering an inclusive environment, raising awareness and supporting colleagues to understand the value of equality and inclusion. This report highlights the actions we are taking to support diverse talent and nurture a culture where everyone can thrive.
This year, we have also significantly enhanced our family leave pay, strengthening the support available to employees during key life moments. This improvement reflects our ongoing commitment to supporting working parents and promoting gender equality in career progression.
In addition to confirming the accuracy of this data, I want to thank all our employees for their continued commitment to creating an inclusive and inspiring workplace. United, we go further—and I am proud to be part of this ongoing transformation.
Harley Kagan Chief Executive Officer
Understanding the Gender Pay Gap
The Gender Pay Gap measures the difference in average pay between men and women within an organisation, without accounting for the type or seniority of roles performed. This differs from equal pay, which ensures that men and women receive the same remuneration for equal work.
At UTB, we conduct an annual review to ensure fair and equitable pay based on role, skills, and experience. This process is formally analysed during our pay review cycle and reviewed formally by the Remuneration Committee.
Gender representation by pay quartiles
Gender pay and bonus gap
Proportion receiving bonus
Workforce
How we are closing the gap
Mentoring
Our internal mentoring programme continues to play a vital role in supporting women across UTB to achieve their career ambitions. We are pleased to see strong engagement from our Senior Leadership Team, many of whom volunteer as mentors to help guide and develop junior colleagues. This commitment remains an important part of strengthening our future talent pipeline and improving gender representation in senior roles.
Leadership Development
Building on our long term commitment to developing female talent, in 2024 we supported nine high potential women to complete the Cultivating Leadership Skills programme. This investment in structured development remains central to expanding our pool of future female leaders.
Ellevate
IIn 2024 we launched Ellevate, UTB’s women focused network designed to help colleagues connect, develop and lead. Throughout the year, the network delivers a programme of events to support women across the organisation and raise awareness more broadly. These include Fireside Chats with inspirational female colleagues and practical workshops addressing topics such as imposter syndrome and work–life balance. Ellevate is also supported by a dedicated group of advocates who help provide targeted learning and career focused development opportunities for our female employees.
Women in Banking and Finance Association
UTB remains proud to be a member of the Women in Banking and Finance Association (WIBF), which provides professional development, learning opportunities and community for women working across the sector. A number of our female employees continue to hold WIBF memberships, supporting our efforts to attract, retain and enhance female talent.
Cultivating an Inclusive Workplace
Creating an inclusive culture remains at the heart of our strategy. Our most recent employee survey showed that 87% of respondents agreed that UTB is an inclusive place to work, reflecting continued improvement and demonstrating the positive impact of our inclusion initiatives.
Maternity Coaching
To support colleagues through key life transitions, we continue to partner with 10Eighty to provide personalised one to one maternity coaching. This programme is designed to help employees navigate the period before, during and after maternity leave, ensuring returning parents feel supported and able to continue growing their careers at UTB.
Menopause Support
Recognising the importance of supporting employees through different stages of their lives, we introduced our menopause policy in 2023 to raise awareness and provide practical assistance to those experiencing menopausal symptoms.
Our support includes:
A 12-month BUPA menopause support package with access to specialist GP consultations.
Access to Peppy, a digital health platform providing support from NHS trained menopause practitioners and peer communities.
This support framework forms an important part of our broader commitment to employee wellbeing and inclusion.
Our Wider Diversity & Inclusion Policies (2025 Update)
Wellbeing
We continue to invest in a comprehensive programme of wellbeing initiatives designed to support our colleagues’ physical, mental,
and financial health. This includes a broad range of workshops, events and resources, our Employee Assistance Programme, 24/7
online GP access, and a confidential financial coaching service available to all employees and their families.
Flexible Working
Our flexible working policy remains a core part of our approach to creating an inclusive and supportive workplace. Smart working helps colleagues balance professional and personal commitments more effectively, and we continue to review and enhance our practices based on employee feedback.
Equality Data Collection
We voluntarily collected data across gender, ethnicity, religion/belief, sexual orientation, disability, and caring responsibilities. This enables us to track progress transparently and assess fairness across our people processes.
Looking Ahead
As we continue our journey toward greater gender diversity, I want to acknowledge and thank all our employees for their
commitment to building an inclusive and inspiring workplace. Our long term trajectory shows real and meaningful improvement,
driven by the dedication, openness and collaboration of colleagues across the Bank.
Together, we are continuing to make important strides, and I am proud to be part of this ongoing transformation.
Sam Bowerman, Chief People Officer