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Home arrow News arrow National News arrow news arrow Top Wall Street Executives Convene for First Time on LGBT Equality
Top Wall Street Executives Convene for First Time on LGBT Equality PDF Print E-mail
Apr 25, 2012 at 09:11 PM

Bank of America and CEO Brian Moynihan Host Second Annual Event

(New York, NY, April 25, 2012) Top executives, including CEOs, from some of Wall Street’s biggest banks, along with C-suite executives from other industries will meet to discuss LGBT equality at the second annual Out on the Street Leadership Summit on May 2, 2012. Bank of America Merrill Lynch will host the event at its New York headquarters. This represents the first time that so many senior executives will meet to discuss LGBT equality.

Building on the success of the inaugural summit in 2011, the 2012 summit will focus on the role that support for LGBT equality can play in the retention of talent and the conduct of business. In addition to Bank of America CEO Brian Moynihan, featured speakers include, Lloyd C. Blankfein, chairman and CEO of Goldman Sachs; Paul Singer, CEO of Elliott Capital Management; Ken Mehlman, head of global public affairs, KKR; Lynn Utter, president & COO, Knoll Furniture; John Veihmeyer, Chairman, CEO KPMG LLC; and special guest moderator George Stephanopoulos from ABC.

The senior-level representation at the full-day summit reflects the groundbreaking role financial services, in particular Wall Street banks, have taken in advancing LGBT rights. Whether reimbursing LGBT employees’ pay to address the tax inequalities of domestic partner benefits or taking highly visible stances on marriage equality, these leaders exemplify the willingness of financial services companies to go beyond the relative safety of employee engagement issues, such as support for LGBT employee groups, into larger issues affecting their LGBT employees.

“We are proud to support the cause of LGBT equality. People are the most valuable resource our company has, and our support for initiatives like this one matters deeply to them,” said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs.

The 2012 Out on the Street summit agenda also includes Sylvia Ann Hewlett of the Center for Talent Innovation, who will be unveiling the early findings of the Center’s new global LGBT research, “The Power of Out II.” Co-sponsored by Out on the Street, and coauthored by its founder Todd Sears, the study will include deep dives on gender and international challenges.

Breakout sessions will explore a number of topics including the intersection of gender and sexual orientation, how LGBT support translates outside U.S. borders and emerging LGBT opportunities and challenges.

"The movement towards full LGBT equality in the U.S. is driven by corporate leaders such as the members of Out on the Street who are taking increasingly public stances of support," said James P. Gorman, chairman and chief executive officer of Morgan Stanley, a founding OOTS member.

Member companies of Out on the Street realize that despite the progress in corporate policies, significant challenges still remain for the LGBT community. In just one year, the number of member companies has grown from the founding six banks (Bank of America Merrill Lynch, Barclays, Citi, Deutsche Bank, Goldman Sachs, Morgan Stanley) to eleven organizations, with the addition of Credit Suisse, HSBC, KKR, KPMG and UBS.

“Instead of remaining in the safe zone of advocating for LGBT workplace equality which upwards of 70% of Americans support; these companies have taken courageous stances in more controversial areas, marriage equality, support for which only recently passed the 50% mark in polls,” Sears said.

1) Gallup Poll, May 20, 2011: http://www.gallup.com/poll/147662/first-time-majority-americans-favor-legal-gay-marriage.aspx

ABOUT OUT ON THE STREET: Out on the Street is the first LGBT leadership organization for Wall Street, by Wall Street. The summit focuses on bringing senior LGBT leaders together from major Wall Street firms to discuss vital issues, network and collectively set an forward looking agenda for the community on the Street.

2012 Out on the Street Members: Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, KKR, KPMG, Morgan Stanley and UBS.

Created and developed by Todd Sears, diversity leader and former banker, its mission is to engage both gay and straight senior leaders in discussions around making the Street a destination for top talent, as well as to enhance the careers of LGBT senior leaders by creating connections to increase opportunities for business. Out on the Street Leadership Summits bring together senior leaders—LGBT as well as straight allies—to discuss vital issues including cultural change, recruitment, client development and ways to maximize business impact.

For more information, please visit: http://outonthestreet.org

User Comments

Comment by Garry on 2012-09-15 11:54:10
It is nice to see more and more people viinocg their support for same sex marriage and equality for the LGBT community. The words in the editorial are very well written and very true!

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