Banks Actively Seek Gay Employees

This Financial Times article (http://www.ft.com/cms/s/0/a248d0de-c2b0-11dc-b617-0000779fd2ac.html) shows that more and more companies are recognizing the merits of recruiting gay employees. Would that this mentality would trickle down to Virginia and help it drag itself from the 19th century. One can continue to hope that a progressive light will shine upon the state. Here are some story highlights:

Lehman Brothers, the US investment bank, recently  held an unusual recruitment event at Hong Kong university. Lehman’s invitation was specifically aimed at gay and lesbian students who aspire to be bankers. Encouraged by the success of the presentation and buffet dinner for 50 students, Lehman is planning to extend its initiatives targeting the gay community this year. It will include the bank’s first pro-gay activities in Singapore, the city-state that has become one of Asia’s leading financial centres but where sex between men is illegal.

Lehman Brothers is not the only bank seeking to recruit from Asia’s gay community. Such is the enthusiasm among investment banks that some have banded together to give their Asian events a higher profile, taking it in turn to organise lectures, dinners and other events around a gay or lesbian theme. In November, Credit Suisse, Goldman Sachs, Lehman, Merrill Lynch and UBS co-sponsored a cinema evening in Hong Kong which featured The Bubble, a 2006 film about the gay relationship between a Palestinian and an Israeli soldier.

Investment banks’ efforts to recruit more gays and lesbians is partly an attempt to attract the most talented employees. At a time when Asia has become the world’s biggest region for deals such as initial public offerings, investment banks are struggling to fill the new positions on offer. And the intense hiring competition makes it crucial to ensure talented gay people are not deterred from applying because of a combination of Asian intolerance and western macho behaviour on trading floors.

The international dimension of investment banking is also forcing employers to confront the issue of homosexual discrimination more regularly than their counterparts in retail banking and other more local institutions. A recurring problem is the difficulty of getting investment bankers to relocate to countries that do not offer dependent visas for same-sex partners.

India offers another intriguing situation, according to Stephen Golden, a vice-president at Goldman Sachs, who helps co-ordinate the bank’s global leadership and diversity programme. He says: “India is one of those places where the laws relating to homosexuality haven’t changed but society has. We have had employees who are openly gay and have been asked to transfer to India and have gone there without any issues. They understand the cultural environment and have had very good experiences.”