Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM): Big Banks Are Boosters of Marriage Equality

Page 1 of 2

Although it’s been six years since the financial crisis, it is apparent the big banks are still held in low regard by the general public, especially since there always seems to be a new survey reminding everyone of just how unpopular they are. Every time, it seems, Bank of America Corp (NYSE:BAC) takes home the prize for being the most reviled, though its peers aren’t usually very far behind in the opinion polls.

So, when these financial giants show some real humanity, it’s a great opportunity to show that they can do the right thing — sometimes, just for the sake of doing so.

Bank of America Corp (NYSE:BAC)

Support for a basic human right
When the U.S. Supreme Court handed down rulings overturning the Defense of Marriage Act — which prevented same-sex partners from enjoying the same benefits as heterosexual spouses — banks like Goldman Sachs Group, Inc. (NYSE:GS), Citigroup Inc. (NYSE:C), and JPMorgan Chase & Co. (NYSE:JPM) responded with immediate approval. Goldman posted a statement on its website lauding the decision, Citi cheered the outcome, as well, and JPMorgan CEO Jamie Dimon characterized the ruling as “good for our company and clients.”

Back in February, nearly 300 companies signed an amicus brief encouraging the high court to strike down DOMA, noting that it causes undue hardship for employers and employees. More than a dozen of those signatories were financial institutions, including Morgan Stanley (NYSE:MS), and Goldman Sachs. In addition to its press release, Goldman Sachs Group, Inc. (NYSE:GS) also raised a rainbow flag outside of its headquarters.

Good for business
Being supportive of gay marriage may seem surprisingly progressive for staid Wall Street firms, but this position is not new. According to the Human Rights Foundation’s Corporate Equality Index, banking and financial companies have had the second-highest number of firms score 100%  for workplace protections for gay, lesbian, and transgendered employees since 2008. The only business category that has consistently bested banks and similar entities are law firms.

Certainly, economics are part of the reason banks are in favor of same-sex marriage enjoying lawful status. Dimon’s comment hints at the costs associated with the current double standard, and Goldman’s statement notes that marriage equality “lowers burdens and challenges imposed on employers.”

Also, there seems to be no downside to supporting the issue. Starbucks Corporation (NASDAQ:SBUX) has been a staunch supporter of gay marriage for some time, and that position certainly hasn’t hurt its sales or growth. In addition, economic punishment is swift for those companies revealed to have encouraged or condoned discriminatory workplace practices — just ask Paula Deen.

Page 1 of 2

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!