This week’s little Wall Street pow-wow, where six Wall Street banks hosted the event “Out on the Street” for gay finance types, probably activated the highest net worth congregation of Grindr users in history. Barclays, Citi, Goldman Sachs, Deutsche Bank, Morgan Stanley, and (Regent Entertainment’s alleged fraud victim) Bank of America Merrill Lynch all got together Wednesday to tell gay bankers they can be here, queer, and making a handsome annual bonus. It’s also where we learned half of gay Wall Streeters are out — and a majority of these folks are enjoying their careers.
A survey of 2,800 LGBT Wall Street workers, conducted by the Center for Work-Life Policy, reveals that while one-third of closeted workers are happy with their job path, two-thirds of out workers are. Maybe because it’s easier to spend all that wealth so flippantly on Ferragamo shoes and Hermes scarves when everyone knows you’re a gay?
A panel about LGBT culture on Wall Street concluded that the finance industry is making strides on LGBT inclusion, but there’s still a long way to go. One panel member, Mark Stephanz, a vice chairman in the global financial sponsors group at Bank of America Merrill Lynch, said he chose to come out because “the amount of energy on expends on just hiding is incredible.”
Sonelius Kendrick-Smith, a director in asset management at Deutsche Bank, said he was nervous about moving to the trading floor from his analyst position, but he got support from the head of fixed income who would stop by his desk from time to time. That “sent a message that I was a well-regarded employee,” Kendrick-Smith said.
The panel generally agreed that employees in client-facing and front office positions have a tougher time coming out than their back-office counterparts, because there’s more pressure generated from having to deal with more people everyday. Once they come out, gay employees find that not all problems of workplace culture are solved. Innocent tasks become magnified — going to the bathroom, for instance. Kendrick-Smith, and several members of the audience who raised their hands, said other men avoid them in the men’s room. “There’s the assumption that every guy wants to check out another man,” said Brian McNaught, the panel moderator.
And just when you thought the good old boy clubs of Wall Street were on death’s door, we learn the gays still have to deal with getting branded as office perverts. Hope the paycheck is worth it.
Kent M
They’d be dealing with hetero ‘bathroom panic’ regardless of where they work, so why blame the victim with your snarky “Hope the paycheck is worth it” comment? You’re saying they should forgo their income on some unspecified principle? Or are you just jealous of their earning power and looking for a way to diminish them? Do you feel better now?
The sane Francis
Some straight men avoid the gays in the bathroom? Um, yeah, those guys either aren’t straight whatsoever or are extremely insecure in their heterosexuality. Straight men don’t think like that “oh, he’s going to fuck me right there on the floor,” um, no, they just wash their hands and go, and don’t give a damn who is gay or straight, as they are in the bathroom to, you know, use the bathroom. The business field in general is very uptight culturally, though, so knowing things like this happen isn’t a surprise.
Jay
There is no straight guy on Wall Street! That being said, I don’t think my sexual orientation should be of any concern to my co-workers. If someone decides to declare their sexual orientation, it’s none of my concern as long as they perform as they have to. I also didn’t get the “Hope the paycheck is worth it.” Some bankers, traders, accountants actually do it because we like our career and yes, the paycheck is not bad.
Jonathan
I was mercilessly brutalized on a trading desk at Deutsche Bank in the 1990’s and can say that the trading floor environment was rabidly homophobic. It was a terrible, life-altering experience.
jack e. jett
They usually go to sing show tunes after work at The Townhouse..or use to.
Kev C
Some folks never graduate from highschool.
The sane Francis
Perfect way to put it Kev C. Sorry to hear what happened to you, Jonathan.
And yes, Jay, from what I know (and from a friend who works in the business field), let’s just say it’s not a field bereft of a lot gay (a large portion, if not the majority, being GOProud types). But that doesn’t mean it is bereft of homophobia, because sadly, it isn’t, and people like Donald Trump are not all too uncommon. Very uptight, conservative, male-centric, white-centric.
Oprah
Oh, wait, does my face say i care? LOL
Allen D.
Can’t let a story like this go by without pointing out the unfortunate thing that happened to 4 openly gay employees who worked at ETRADE in Sandy, UT (I know 2 of them).
Essentially, all 4 were fired within a week of each other (for different things). Current employees attest this was due to the company’s homophobic HR manager, Michael Stuy. Feel free to call him and tell him what you think of that at 1-800-387-2331. A friend of mine who still works there said “well, they shouldn’t have come out, that was their first mistake”. Pretty fucked up.
Anyway, SPREAD THE WORD. Sure, the baby commercials are cute. But when a company basically invents policy to be able to fire a select few (not sure on the details there, but that’s what I’ve heard). I think it’s sad that a company who supposedly has job protections for gay employees lets a (presumably mormon) do something that shady, based on his (assumed) religious beliefs.
*steps off the soapbox*
– Allen
merkin
I live in New York and have several friends who work on Wall Street, both gay and straight, and have met many many others. My impression is that Wall Street is an intensely competitive, sexist, herd-mentality, macho environment akin to high school, except with tons of money and more power.
I dont think anyone would be laid off for being gay at a reputable firm, but in many cases you wouldnt get invited to the right parties or make the right connections because you didn’t “fit” in or party with the boys. Now whether that makes closeted traders victims or perpetrators, because they’re willing to stay silent for more money and power, is debatable.
There’s also many gay Wall Street types who arent closeted but arent exactly out. If you asked them point blank, they’d say they were gay–but if you asked what they did over the weekend, they’d omit any telling signs. (They dont want to “rub people’s faces in it.”) I know one guy who wears ill-fitting suits because he thinks if he looks too stylish his coworkers will think he’s gay. And again, he’s not really even closeted. He just doesn’t want to give off a gay vibe. Its retarded
Gay Wallstreeter
As a gay Wall Streeter I can honestly tell you it comes down to $$$$. If you are making your firm/bank money, they dont care if you sleep with donkeys…they really dont.