Earlier this week, six of Wall Street’s biggest and most well known banks converged for a summit dubbed “Out on the Street.” The landmark event, hosted by Deutsch Bank and attended by Barclays, Citi, Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch, was intended to address issues affecting gay Wall Street employees and clients and display a show of support for the LGBT community.
However, while the summit revealed that half of gay Wall Street employees are happily out and open about their sexuality, it also exposed the fact that even those who feel supported find themselves the subject of stereotyping and skepticism in the workplace.
A survey of 2,800 LGBT Wall Street employees showed only one-third of closeted workers as being happy in their careers, as opposed to the two-thirds of out workers who reported workplace contentment.
Mark Stephanz, a panel member at the summit event, explained that he chose to come out because “the amount of energy one expends on just hiding is incredible.” Fortunately, the summit revealed that efforts to improve inclusion and comfort for openly LGBT employees are on the rise.
But according to even the most contented LGBTWall Streeters interviewed in the survey, big banks still have a long way to go when it comes to office culture and social acceptance.
A general consensus indicated that it is much easier for behind-the-scenes analysts to come out than it is for high profile, front office executives who are highly visible and handle a large amount of client traffic. And regardless of where one’s desk is positioned, avoidance in the men’s room is a particularly common workplace concern.
Panel moderator Brian McNaught explained that “there’s the assumption that every guy wants to check out another man.”
