HSBC and its private bank in Switzerland has received the Fair-ON-Pay Advanced Certification for gender equality.

This certification reaffirms the bank’s commitment to equal pay between men and women across its workforce.

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In addition, the Fair-ON-Pay review is a standardised assessment that looks at equality of pay between women and men according to a strict methodology. This includes a rigorous audit and scientific analysis from independent experts.

HSBC aims to be an employer of choice in Switzerland where it is one of the largest international private banks in the country. It employs over 750 staff across Zurich and Geneva and offers market-leading family benefits.

Gabriel Castello, CEO of HSBC Swiss Private Bank and country head of Switzerland, said: “I am immensely proud of this certification which reflects our continued commitment to a positive and inclusive workplace in Switzerland where we are an equal opportunity employer and offer market-leading benefits. As a leading and growing private bank in Switzerland, connecting Ultra High Net Worth clients to opportunities worldwide, we actively ensure we have a diverse workforce that is representative of the customers we serve.”

This year, HSBC reported record pre-tax profits of $30.3bn for fiscal 2023, up 78% y-o-y. But the bank’s earnings are impacted by a $3bn charge on its stake in China’s Bank of Communications.(BoCom). This comes as lenders across China are hit by increasing loan losses and a crackdown on credit as the authorities look to tackle debt piles. Market reaction was unkind, marking the HSBC share price down by 7%, the worst one day drop the bank’s share price has suffered since the beginning of the Covid-19 pandemic.

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HSBC encountered further hurdles over the course of the year, with the winding down of its wealth and personal banking business in New Zealand and nightmare technical difficulties on Black Friday.