The report criticizes City’s failure to tackle harassment and bullying of women

A damning report into sexism in the city has revealed no progress has been made in tackling harassment and bullying of women.

The Commons Treasury Select Committee has launched an investigation after claims of sexual misconduct against fund manager Crispin Odey and the CBI lobby group.

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Evidence was provided by City figures including Baroness Helena Morrissey and AVIVA boss Amanda Blanc.

The MPs said: “While sexual harassment of women is a social problem, it is worse in the financial services industry than in many others.”

They added that it was “shocking to hear how widespread sexual harassment and bullying – up to and including serious sexual assault and rape – occurs”.

MP Harriet Baldwin complained: “It is so frustrating that efforts to tackle sexism in the city are moving at a snail’s pace.”

The committee recommended passing legislation to ban non-disclosure agreements in sexual harassment cases – and to better protect whistleblowers.

The committee also examined the lack of progress on the city’s gender pay gap – and how to include more women in senior roles.

Only 12 percent of named fund managers in Britain are women and there are currently 15 female CEOs among the 350 largest London-listed companies. That’s only four percent.

The committee recommended a ban on potential employers asking candidates for salary history, which unfairly affects many women. It also wants salary ranges in job vacancies so that women are not shortchanged.

Bearing and raising children is one of the major barriers to women’s advancement.

MPs made the recommendations after discovering that at the current glacial pace it will take 70 years to close the gender pay gap.

PensionBee boss Romi Savova said salary disclosure rules would be a big step forward in preventing women from being hired on lower pay than male colleagues.

Costume drama

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THERE has been a lot of drama at ITV, the broadcaster behind hit shows such as The Masked Singer, above, and Love Island.

The company saw profits fall 61 percent to £193 million due to a slowdown in advertising.

Boss Carolyn McCall says she will save a further £50 million in costs.

The broadcaster has invested in its ITVX streaming service, boosting digital revenue to £490 million.

Virgin in a £2.9 billion takeover

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NATIONWIDE has completed a £2.9 billion takeover of rival Virgin Money, which will create Britain’s second largest mortgage and savings group.

The building society, which has 605 branches, said it will not close any of Virgin Money’s 91 branches until 2026.

It will also retain the Virgin Money brand name for six years – meaning Sir Richard Branson will continue to receive around £15 million a year in royalties for use of the Virgin name until it is phased out.

Virgin Money – Britain’s sixth largest retail bank – was formed following the acquisition of Northern Rock in the wake of the financial crisis and was bought by Clydesdale and Yorkshire in 2018.

Nationwide’s offer of 220 cents per share represents a 38 percent premium to the closing price of Virgin Money shares.

Debbie Crosbie, Nationwide boss, said the takeover was “the advantages of fairer banking and mutual ownership for more people.”

M&S joint boss gone

Marks & Spencer CO-CHIEF director Katie Bickerstaffe will leave the retailer in July, bringing an end to one of the most unusual boardrooms in business.

Ms Bickerstaffe was part of a controversial decision to promote two senior employees to lead the company – billed as ‘flying in formation’.

She still had to report to Stuart Machin, who is still CEO.

Ms Bickerstaffe, who paid £2.2m last year, is leaving to take on more non-executive board roles.

Gender conflict in the field of pensions

IT’S International Women’s Day today, but you could call it Pension Gender Gap Groundhog Day.

The gap is the difference between the values ​​of men’s and women’s private pension pots at age 55 – the earliest they can be accessed.

Figures estimate this difference to be as much as 35 percent.

The average woman turns 55 with just under £100,000 in pension – while the average man has just under £150,000. This gap persists because many women are the default caregiver for children or other family members.

Their free time leads to career obstacles, lower wages and missed pension contributions.

Many are increasing their contributions to compensate. But they should not have to give up more of their income than men to get an equal pension.

Many companies offer women longer paid maternity leave than men. But childcare leave must be the same to avoid sending the message that caring for children is a woman’s job.

To make women’s task even more difficult, their state pension age was raised from 60 to 66, but equality in the workplace remains elusive.

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