Source: Financial Times
Lehman Brothers and other international investment banks are actively recruiting gay and lesbian students who aspire to be bankers.

Such is the enthusiasm among investment banks that some have banded together to give their Asian recruiting events a higher profile, taking it in turn to organise lectures, dinners and other events around a gay or lesbian theme. In November, Credit Suisse, Goldman Sachs, Lehman, Merrill Lynch and UBS co-sponsored a cinema evening in Hong Kong which featured The Bubble, a 2006 film about the gay relationship between a Palestinian and an Israeli soldier.

Investment banks’ efforts to recruit more gays and lesbians is partly an attempt to attract the most talented employees. At a time when Asia has become the world’s biggest region for deals such as initial public offerings, investment banks are struggling to fill the new positions on offer. And the intense hiring competition makes it crucial to ensure talented gay people are not deterred from applying because of a combination of Asian intolerance and western macho behaviour on trading floors.

What Lehman and some other investment banks are trying to achieve in Singapore and other parts in Asia runs counter to the region’s cultural and legal environment. Homosexual people are broadly accepted in some countries, notably Thailand, the Philippines and Hong Kong, where gay sex was only decriminalised in 1991. But in most of Asia, gay people still face discrimination and censure -- both in and out of the workplace -- amid a blend of religious intolerance, family conservatism and legal bans, often inherited directly from British colonial rule. For instance gay sex is a criminal offence across the Indian subcontinent.

Richard Welford, a director of CSR Asia, a consultancy focused on corporate social responsibility, says: “In the vast majority of cases in Asia, gays and lesbians have to stay hidden. Sometimes they will even make up boyfriends or girlfriends...  But it does seem that in some sectors such as investment banking, businesses are taking the lead [in improving the situation for gay people]. You could say that they are ahead of Asian society there.”

This has not been the case in Asian retail banking. Unlike retail banks that have countrywide branch networks, investment banks are also in a better position to push for change because they generally operate only in a country’s biggest city, where the population is usually most diverse and conservative attitudes are less entrenched than in second-tier cities and more remote Asian manufacturing centres.

The international dimension of investment banking is also forcing employers to confront the issue of homosexual discrimination more regularly than their counterparts in retail banking and other more local institutions. A recurring problem is the difficulty of getting investment bankers to relocate to countries that do not offer dependent visas for same-sex partners.

Full article: FT.com / Business Life / Columnists - Cool reception for Asia’s gay workers