SUBJECT AREA Arts entertainment
CREATED ON 7th December 2017

LGBT Rights on Wall Street Essay

Two important trends facing Wall Street will be its own expansion of LGBT employee rights within the past decade and its entrance to non-traditional banking centres. These trends are interrelated and profoundly affect the LGBT community. Since Wall Street has significantly improved its treatment of LGBT employees, it's an opportunity to share this accepting attitude as it grows into new markets. The 1980s were infamous for rampant homophobia on Wall Street, in which dealers regularly cried "faggot" in the trading floor and also a closeted culture prevailed through firms. Back in 1983, a small group of gay bankers made an anonymous service group qualified the New York Bankers Trust. Bankers Trust meetings were held at private homes and mailings were addressed to "Mr." and "Mrs." because most closeted male bankers pretended to be married to girls. This homophobic macho-driven civilization continued throughout the 80s and 90s, even as society became more accepting of gays and lesbians. In 1999, there was one openly gay member of the 1,365-member New York Stock Exchange. And although many banks had, on paper, banned discrimination based on sexual orientation, a 1999 article in the New York Magazine reported widespread discrimination, lawsuits, fear of guilt and underrepresentation of openly gay women and men. After the turn of the millennium, things began to change. Quickly. Back in 2002, J.P. Morgan led the manner and has been the first bank to be given a perfect score on HRC's Corporate Equality Index. Back in 2003, Lehman Brothers combined. In 2004, Deutsche Bank, Citi, UBS, Wells Fargo, along with Goldman Sachs combined. The dam was broken. A 2006 Bloomberg post noted that this change and suggested a few important catalysts: social changes, for example same-sex marriage,...

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