How Wall Street came out on gay marriage

How Wall Street came out on gay marriage
LGBT activist Daniel Maury reads an article about Hillary Clinton's announcement of her presidential candidacy as he relaxes at home with his partner, Mark Paulson, in New York.

WASHINGTON - On March 6, the day of the US Supreme Court's deadline for legal briefs backing same-sex marriage, gay rights activists quietly celebrated a victory on Wall Street.

Twenty-eight of the country's biggest financial firms had made an unprecedented show of unity in support of gay marriage by urging the court to strike down state laws banning same-sex unions.

That was double the number that signed on to a similar effort in 2013, signaling how the traditionally conservative financial industry has come to publicly embrace gay rights. Then, the Supreme Court struck down a federal law that denied benefits to same-sex couples.

"Together, we pushed Wall Street to a place our industry has never gone before," Daniel Maury, a managing director at UBS Group AG, wrote in a celebratory email to his fellow members of Open Finance, a group of gay and lesbian Wall Street employees that lobbied hard for banks' signatures.

The 28 included major US investment and retail banks, the"big four" accounting firms and financial information firms Thomson Reuters Corp, which owns Reuters, and Bloomberg LLP.

Wall Street's evolution on gay rights mirrors a broader shift on the issue in corporate America and society. But in some ways it has been a more difficult transition for a financial industry known for a macho culture famously portrayed in the 1987 movie "Wall Street" and where homophobic sentiment has in the past been widespread.

Peter Staley, who worked at J.P. Morgan in the 1980s before becoming a high-profile HIV/AIDS activist, recalled constant homophobic comments when he was a bond trader. "For a closeted gay man, it was probably the worst environment I could have chosen," he said.

"It was very infuriating and humiliating for someone who had a dark secret like I had." Wall Street has become a far less hostile environment for gay and lesbian employees, most workers say.

In the brief, banks and other companies said they face additional costs and administrative headaches due to the patchwork of state marriage laws that help determine how benefits are administered and taxes calculated.

Wall Street also has particular cause to embrace gay rights as part of its sharp competition for top young talent with more openly liberal Silicon Valley firms, several banking sources said.

Support from high-profile bankers, such as Goldman Sachs Group Inc CEO Lloyd Blankfein, has helped accelerate the change in attitudes. "It's fair to say it's kind of a night and day difference"when compared with tales of the trading floor from decades past, said Mark Lane, director of media relations at Barclays Plc in New York and head of a gay and lesbian employee group.

James Gorman, CEO of Morgan Stanley, said the problem had not entirely gone away, particularly in the traditionally boisterous atmosphere of trading floors.

"It is there in subtle ways and probably in unsubtle ways, for example, on trading floors I'm sure," Gorman said at a summit this week organised by Out on the Street, a gay and lesbian networking group that focuses on senior executives.

Morgan Stanley, Barclays and Goldman Sachs all signed the brief.

A number of banks, including Barclays, have rolled out so-called "straight ally" programs over the past five years in which employees act as supporters of gay and lesbian colleagues. Participants generally post a sign on their desks identifying them as allies so gay and lesbian workers can easily spot them.

More about

Purchase this article for republication.



Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.