(Bloomberg) -- The worst gender pay gap in Denmark’s financial sector can be found among traders dealing in stocks, bonds and currencies, according to new research.

Men working in such roles were paid 28% more than their female colleagues doing similar work. That’s according to a study on 2022 pay published by Finansforbundet, the Danish union for employees in finance.

“There are wage differences in some areas of the sector, which stem from the fact that some job types have historically been very male dominated,” Nicole Offendal, managing director for the Danish Employers’ Association for the Financial Sector, said by email. “The companies are very aware of the problem.”

Men in the financial sector were paid more than women in 38 of 44 jobs functions, according to the the study, which looked at average wage differences within jobs without management responsibility, not adjusted for experience. Only three roles had equal pay, while women were paid 1% to 4% more than men in three functions, such as administrative positions. The average gender wage gap for workers doing similar jobs was 7.5%.

Last week, Karen Frosig, Denmark’s only female chief executive officer among the country’s large banks, announced her retirement from Sydbank A/S. According to a 2022 tally by the Jyllands-Posten newspaper, Frosig was one of just five female CEOs at Denmark’s more than 50 banks and the other four all served at small lenders.

The study showed that for sales functions, the gender pay gap was 24%, while for management secretaries, it was 16%. Other functions with a high gender pay gap include credit analysis and advisory of private banking customers.

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