Goldman Sachs Hosts First Gay Recruiting Dinner by an Investment Bank

By IMTIYAZ HUSSEIN

The March 29, 1999 cover of New York Magazine depicted two men in suits carrying briefcases and holding hands. In bold yellow letters across the cover were the words "Gay Wall Street." My curiosity was piqued. Were the tightly shut closet doors of investment powerhouses suddenly bursting open in lower Manhattan? Alas, twas not the case. Instead of reading about how the investment banking industry, headquartered in the world's largest gay metropolis, was embracing diversity at the fin de siecle, the cover story confirmed my preconceived notions; Wall Street still hated queers and the "out and proud" were definitely not welcome. I had the feeling that I was reading about the 1950s, not the late 1990s.

In response to this cover story, and numerous conversations with GLSA members that felt they could not be out on campus because they were interested in banking careers, Paula Cobb and I (the GLSA's co-chairs) entered into a dialogue with Career Services and Goldman Sachs. This dialogue resulted in Goldman Sachs becoming the first investment bank ever to host a recruiting dinner specifically for gay and lesbian business students. Until recently, diversity efforts by major employers of MBAs had focused on women and racial minorities.

Over the past few years, though, it has become the norm for consulting firms to sponsor such events for gay and lesbian students at top business schools. But until this year, Wall Street had shown no particular interest in reaching out to this student segment. At the dinner, held on October 20th and attended by a dozen HBS students and several colleagues from the Sloan School, Goldman professionals spoke about their personal experiences of coming out and being accepted by their colleagues. A few of the bankers who attended had not even initially considered a banking career (mostly because of the industry's homophobic reputation), but changed their minds after meeting other gay Goldman bankers during their time at business school. In the past, these connections were made primarily through informal, and often random, connections. ~

The students and bankers both agreed that these targeted recruiting events were a critical first step in dispelling some of the myths about the culture of investment banks. Events like these help gay and lesbian students realize that there are significant differences in culture among I-banks and that, perhaps, they shouldn't rule out the industry altogether.

Jide Zeitlin (HBS '87), a Goldman Managing Director and head of HBS recruiting who is not gay but attended the dinner to signal support for the event from the bank's highest levels, spoke of Goldman's genuine commitment to diversity throughout its ranks. Zeitlin, himself, was one of the first African Americans in the bank's mergers and acquisitions department and the first to be elected a Managing Director of the firm.

To its credit, Goldman's efforts to become a more welcoming place for gays and lesbians do not begin and end with a fancy dinner at a popular Boston restaurant. Changes are happening internally as well. Starting on January 1, 2000, the bank will offer its employees domestic partner benefits, and an internal support network is in the process of being established.

Congratulations, Goldman Sachs - Minds were truly opened wide.