LGBT Rights on Wall Street Essay -- Wall Street, Employee, Trends

Two important trends facing Wall road argon its expansion of LGBT employee rights over the past decade and its entrance into non-traditional money boxing centers. These trends are interrelated and deeply affect the LGBT community. As Wall Street has greatly improved its treat ment of LGBT employees, it has an opportunity to share this accepting attitude as it fatten ups into new markets. The 1980s were notorious for rampant homophobia on Wall Street, where traders routinely screamed faggot on the trading floor and a closeted culture prevailed end-to-end firms. In 1983, a small group of ethereal bankers formed an unidentified support group entitled the New York Bankers Trust. Bankers Trust meetings were held in orphic homes and mailings were addressed to Mr. and Mrs. because many closeted male bankers pretended to be married to women.This homophobic macho-driven culture continued throughout the 80s and 90s, even as society became much accepting of gays and lesbians. In 1999, t here was one openly gay portion of the 1,365-member New York Stock Exchange. And although many banks had, on paper, banned discrimination base on internal orientation, a 1999 clause in the New York magazine publisher reported widespread discrimination, lawsuits, fear of harassment and underrepresentation of openly gay men and women.After the turn of the millennium, things began to change. Quickly. In 2002, J.P. Morgan led the way and was the first bank to receive a perfect score on HRCs incorporate Equality Index. In 2003, Lehman Brothers joined. In 2004, Deutsche Bank, Citi, UBS, Wells Fargo, and Goldman Sachs joined. The dam had been broken. A 2006 Bloomberg article noted this change and suggested a few important catalysts societal changes, much(prenominal) as same-sex marriage,... ...s in these areas. I believe that if banks offer LGBT benefits, citizens will substantiate these policies and respond positively through the political process to promote gay rights. Beyond off ering equal benefits, banks can take the next grade and speak out where they see injustice, as they have done in the United States. Gay rights do not exist in a vacuum. Many articles I read linked the decline in sexual harassment toward women with the acceptance of gays and lesbians in the workplace. Similarly, in many countries where gays and lesbians are remand or executed, women are treated as second-class citizens, subject to young-bearing(prenominal) genital mutilation and high illiteracy rates. As banks have promoted gay rights in their local regions, such as New York State, they can work to expand gay rights in new markets. This is an important mission for banks and I penury to be part of it.