Wall Street Firms are Too Fratty?

Wall Street firms are undertaking initiatives to attract lesbian, gay, bisexual and transgender (LGBT) talent from college campuses across the country.  The stereotype of Wall Street is that it is seen as “the realm of the white male heterosexual frat boy,” according to panelist Olly Wilson, an undergrad at Duke University.  Tami Rosen, managing director in human capital at Goldman Sachs, said that the firm “won’t be able to grow unless it attracts senior lateral LGBT talent.”

In my view, equating talent with LGBT is a double standard in itself.  If firms are trying to find actual talent, why don’t they look at aptitude rather than orientation?  Orientation is irrelevant.  While it’s great that firms are trying to be “inclusive,” it seems as if “political correctness” has been taken too far since real talent search is being avoided.  When did talent recruitment turn into a LGBT search? 

MBA candidate at Tuck School of Business, Erin Wilson, said that since recruitment happens quickly, it is difficult to connect with LGBT students.  Jeff Siminoff, global head of diversity and inclusion at Morgan Stanley and moderator of the panel said, “We’re all competing for talent.  We blow it off if we don’t attract this group of students.” 

What about other groups of minority students?  Where can the line be drawn? 

According to the WSJ, whites will comprise less than half of the U.S. population by 2042, second in line to Hispanics.  At that time, will there be recruitment for whites on college campuses?  It seems to be as if recruiters should focus on talent itself rather than irrelevant outside factors that will likely change in the near future.  

Read more about it here.

—Melanie Wilcox