On Wednesday, March 30, six of Wall Street's major banks--Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs, Deutsche Bank and Morgan Stanley--will join together at Out on the Street, a summit convened to discuss issues vital to the lesbian, gay bisexual and transgender (LGBT) community. Deutsche Bank is hosting the inaugural summit, which will focus on issues of culture change, recruitment, client development and driving business impact during four panel discussions. (SEE AGENDA BELOW)

"Deutsche Bank is thrilled to be part of the first-ever Out on the Street Summit. We are particularly proud of our own efforts on the LGBT front, yet we know that by collaborating with our Wall Street peers we will collectively be able to make even more progress going forward. By doing so, we can all ensure that Wall Street continues to be an employer of choice for the LGBT community," said Mark Chamberlain, Head of Diversity, Americas, Deutsche Bank.

A conference on such issues would not have secured the participation of successful, high-level executives a decade ago. But today, this showcases a largely unnoticed evolution: the transformation of Wall Street into a welcoming industry for LGBT employees.

"Being a successful global business leader means having a workforce that is reflective of the diverse clients we serve," said Tom Montag, president, Global Banking and Markets, Bank of America Merrill Lynch. "By instilling an inclusive and diverse culture in which everyone feels valued and secure, we will continue to attract and retain the best people who can perform at their greatest ability. We are honored to be part of this ground-breaking event."

Todd Sears diversity leader and banker, conceived of the idea for the summit and helped to bring the banks together.

"The response has been overwhelming, and we've already had interest from a number of additional banks for 2012. The fact that so many senior executives from these six banks are committed to Out on the Street, shows that these issues matter to the business, not just human resources and diversity," Sears said.

"Citi is proud to sponsor Out on the Street and help bring Wall Street's collective voices together to foster support and inclusion of the gay, lesbian, bisexual and transgender community as employees, clients, suppliers and community partners," said panelist Bonnie Howard, Chief Auditor, Citi. "This dynamic forum is a great way to demonstrate the commitment of senior leaders to promoting an inclusive work environment where all employees can develop, contribute and succeed."

From a talent and recruiting standpoint, the relevance of the summit is clear. Financial services, and especially banking, face one of the most competitive environments for recruiting and talent of any industry. This constant need for employees at all levels has brought Wall Street to the forefront on diversity issues, especially as it relates to the LGBT community.

"At Morgan Stanley we know that we serve our clients better, recruit top talent more effectively, and enhance the strength of our global workforce because we prioritize inclusive leadership and value diverse perspectives and the richness of what makes us different," said Jeffrey Siminoff, Global Head of Diversity and Inclusion at Morgan Stanley and Out on the Street panel moderator. "By empowering our people and prospective employees to bring their full selves to the table, we leverage differences to drive best-in-class business results and enhance the development of our talented professionals. Our proud commitment to LGBT diversity fully incorporates each of these foundational Morgan Stanley principles."

This new Wall Street impacts employees at a personal level. When employees are able to bring all their talents to work, they are naturally more productive, happier and better performers. For LGBT employees, the ability to be out at work is a major factor in their success and decision to remain at a firm.

"LGBT people often imagine the negative consequences of coming out at work. Consider, instead, the positive consequences of being authentic with your colleagues," said R. Martin Chavez, Partner, Managing Director at Goldman Sachs. "For me, bringing all of myself to work has created immense opportunities to connect with peers and leaders. There's no question in my mind that being out and authentic at work is the necessary condition for my success and happiness at Goldman Sachs.

Banks have another reason to successfully address LGBT issues: the market opportunity. Most banks for example, already have teams of private bankers who focus on the needs of LGBT clients.

"The LGBT community pervades every aspect of our work, encompassing our employees, clients, suppliers and the communities where we do business. Being a diverse and LGBT aware company provides us with the context in which to make smarter business decisions and better serve our clients," said Guglielmo Sartori di Borgoricco, Global Head of Distribution. Barclays Capital.

In addition, the overall LGBT market opportunity has been estimated to reach $845 billion according to a survey by Witick?Combs/Harris Interactive. Developing the right relationship is imperative with this market, for example by creating strategic business opportunities with LGBT non-profits.

This is not to say that Wall Street has found the solution. The fully inclusive workplace is still elusive, since a large percentage of LGBTs are still in the closet at work. To that end, Sylvia Ann Hewlett, President of the Center for Work-Life Policy will preview some of the Center's newest research on LGBT at work and the power of "out" in the workplace.

Out on the Street aims to address these issues by providing a forum for discussion, which will provide insight on how Wall Street can continue moving forward.

About Out on the Street:

Out on the Street is the first-ever annual LGBT Leadership Summit for the Wall Street community, by the Wall Street community. Conceived and developed by Todd Sears, banker and diversity leader, this annual summit seeks to engage both gay and straight senior leaders in discussions around making Wall Street a destination for top talent, and a desirable place for the LGBT community to do business.


Media Contact:

Jonathan Saw


    Media is welcome to attend all or part of the event. See next page for the agenda.

Please RSVP to the media contact at left by 7 PM March 29, 2011.

Only pre-approved media can be admitted due to building security.



March 30, 2011





11:15am     Attendees arrive, light lunch until 12:00
12:00pm     Welcome Remarks

Seth Waugh, CEO Deutsche Bank Americas

Todd Sears, Principal, CODA LLC, Founder Out on the Street


Opening Plenary Panel: Wall Street as a Workplace of Choice: Culture

Topics to be discussed: Evolution of Wall Street into an LGBT-friendly workplace, why fewer than 50% of employees are "out" at work and what companies can do to change that, the role of straight allies in shifting culture, and ultimately how progressive companies are retaining and developing top LGBT talent


Introduction: Mark Chamberlain, Head of Diversity Americas, Deutsche Bank

Speaker: Sylvia Ann Hewlett, Director Center for Work Life Policy - LGBT Research

Moderator: Brian McNaught, LGBT Leadership trainer



  • Mark Stephanz, Managing Director, Bank of America
  • Bonnie Howard, Chief Auditor, Global Control Head, Citigroup
  • Sylvia Ann Hewlett, President, Center for Work Life Policy
  • Sonelius Kendrick-Smith, Director, Deutsche Bank
1:45pm     Break

Driving LGBT Diversity to the Bottom Line

Introduction: R. Martin Chavez, Partner, Goldman Sachs

      Break-out Small Group Panel Discussions:

Panel 1: LGBT Private Banking Client Development

Topics to be discussed: The changing demographics of the LGBT community, how the dynamic legal landscape impacts financial planning needs, and how innovative private bankers are attracting and retaining clients.


Introduction: Dr. Brad Sears, Executive Director, Williams Institute - Demographics of LGBT Community

Moderator: Maryann Coleman, Managing Director, Deutsche Bank



  • Michael Nutt, Senior Vice President, Morgan Stanley Smith Barney
  • Bill Moran, First Vice President, Investments, Bank of America Merrill Lynch
  • Eric Berger, Relationship Manager Credit Suisse
  • Steve Alper, Head of Market Development, Barclays

Panel 2: Driving Innovation with Strategic Partnerships and Investments in the LGBT Community

Topics to be discussed: How strategic partnerships and alternative relationship models with community organizations can drive business development; how private equity investments in LGBT companies are driving innovation in companies globally.


Introduction: Maggie Stumpp, CIO, QMP Strategies



  • Tony Tenicela, Global Head of LGBT Business, IBM
  • Patricia Evert, VP Donor Services, Gill Foundation
  • Paul Thompson, Co-Founder, LGBT Capital
4:00pm     Wall St. as the LGBT Employer of Choice: Recruiting Top LGBT Talent

Topics to be discussed: How Wall Street can better win the war for top LGBT talent both in the lateral marketplace as well as on campus.


Introduction: Linda Riefler, Global Head of Equity & Fixed Income Research, Morgan Stanley

Moderator: Jeffrey Siminoff, Global Head of Diversity and Inclusion, Morgan Stanley



  • Tami Rosen, Managing Director, Recruiting, Goldman Sachs
  • Jeff Davis, Managing Director, Barclays
  • Erin Wilson, MBA candidate, Tuck School of Business
  • Olly Wilson, Duke undergrad, President of Duke LGBT Group
5:30pm     Closing Remarks

Todd Sears, Founder of Out on the Street

5:45pm     Networking Cocktail Reception

Remarks: Kevin Jennings, Assistant Secretary of Education

7:00pm     End

Media Contact:
Jonathan Saw, 917-273-6498