Wall Street wants to build a reputation as a boys’ club. But he has spent hundreds of thousands of dollars supporting anti-abortion lawmakers.

  • Major financial firms backed lawmakers responsible for so-called abortion-induced laws.
  • Eleven corporate donors and banking groups contributed approximately $1.6 million to these members.
  • This donation is inconsistent with recent industry efforts to promote gender equality.

In September, nearly eight months after her tenure as Citi CEO, Jane Fraser gave a speech at a women’s group in the financial world encouraging male-dominated gender equality.

financial services industry


“Looking forward, I am very optimistic. But I also recognize that substantial systemic changes are still needed to achieve gender equality.” Fraser said. “We need companies, non-profits, governments, bosses and mentors. We all have to play a role and we definitely need men who will be our partners and champions in these efforts.”

She commended Citi’s efforts in the company and in the industry. She points out that it was the lead bookrunner for the initial public offering for female-centric dating app Bumble, and worked with CEO Whitney Wolfe Herd, the youngest woman to go public.

Full text of insider investigation into abortion ban “initiation law”:

• Thirteen states with ‘inducing laws’ against abortion are not at all prepared to enforce them.

• Companies such as AT&T, Walmart, and Citi have funded state abortion bans.

• Healthcare companies are one of the largest financial supporters of lawmakers who support abortion bans.

• AT&T has funded politicians in 13 states to support ‘causing’ abortion bans. Other telecommunications and media giants are not far behind either.

• There are many men behind the wave of national abortion bans.

However, Citi and colleagues have helped develop forces that have weakened the company’s efforts to promote gender equality. As part of an investigation into the major corporate backers of the so-called abortion law, Insider found that the largest financial services companies

american bank

It was one of the most important donors to a strong consulting firm.

Roe v. Laws that automatically criminalize abortion if Wade is overturned have come to the attention of the Supreme Court in recent weeks. strike down groundbreaking verdict. Thirteen states have implemented this since 2005.

Insider analyzed state election records collected by FollowTheMoney.org to examine the political contributions to the 380 state legislators who supported the measure and the 13 governors who signed it. The analysis looked at donations during the election cycle immediately before and after each law was passed.

According to Insider’s analysis, military financial services companies USAA, Citi, Deloitte and JPorgan have all donated more than $100,000, and Wells Fargo, General Electric, Liberty Mutual, The Travelers Companies, Bank of America, PricewaterhouseCoopers, Capital One and large-scale financial transactions have all contributed more than $100,000. A group, the American Bankers Association, donated a total of more than $70,000 each to the bill’s backers and the governor who signed it. These companies donated a total of $1.6 million to these members.

Businesses donate to legislators for a variety of business-related reasons. However, the potential for violations of abortion rights has dangerous implications for people across the United States and the financial sector workforce, and has been instrumental in making abortion a reality by the financial supporters of anti-abortion politicians.

“Roe’s subversive potential will come to the attention of corporate funders of regressive politicians who enact laws that limit, curtail, and even criminalize women’s reproductive freedom,” said Professor of Law at Stetson University College of Law. It’s a political brand,” Insider said.

Most of the companies featured in this story either declined to comment or did not respond to requests for comment from Insider. A spokesperson for General Electric said the political action committee, GEPAC, stopped giving to lawmakers at the state and local levels at the end of 2018. General Electric’s financial services business is no longer a reporting unit within GE.

Wall Street has funded the trigger law champion while touting its commitment to workplace equity.

Financial services companies have struggled to position their employees, customers and shareholders as a workplace where women and people from marginalized backgrounds can thrive.

The industry, which has long been dominated by white men, has tried to appeal to a new generation by installing comprehensive policies and diverse leaders. In recent years, companies have taken overdue measures to foster a diverse and egalitarian internal culture. Companies in most corners of heterogeneous sectors say they are embracing these demands.

After the Texas Abortion Act, known as Senate Proposition 8, was passed, Citi said it would cover travel expenses, such as airfare and lodging, for US employees who must travel to other states for abortion treatment. This is the only such promise on Wall Street to date.

Citi has also featured in its commercials celebrities such as Rashida Jones and Dan Levy who are progressive and serious about gender issues. Jones early supporters Time’s Up movement Prize In the 2020 Human Rights Campaign to Promote LGBTQ Expression.

However, Insider found that Citi also donated about $285,000 to the state legislators who sponsored the trigger bill and the governors who signed the bill in six states. The beneficiaries are Senator John Hoeven of North Dakota, who raised $11,200 between 2008 and 2016, and Governor Greg Abbott of Texas, who raised $215,500 between 2018 and this year. Abbott signed Texas’ restrictive abortion laws in June. As Governor, Hoeven signed North Dakota in 2007.

A Citi spokesperson declined to comment.

JP Morgan, the largest US bank, in recent years pervasive The Women on the Move network was formed in 2013 as a series of events for female employees. Women also occupy some of the top leadership positions, including co-head of consumer and community banking, chief information officer, head of wealth and wealth management, and general counsel.

But between 2007 and this year, North Dakota’s Hoeven and Gov. brad little The Idaho Legislative Assembly with state legislators from Louisiana and Texas.

A JPMorgan spokesperson did not comment on the story.

Chief Justice John Roberts of the United States is wearing a black gown and black face mask.

Chief Justice John Roberts, pictured in April 2021, said the leaked draft opinion that would overturn Roe v. Wade this month is true.

Michael Reynolds – Pool/Getty Images

Texas-based bank USAA, which serves military personnel, appointed its first vice president of diversity, equity and inclusion last year. On its website, the company Promotion DEI Committee led by CEO Wayne Peacock. blog post About Women’s History Month describes the company’s commitment to women.

Nevertheless, he has donated more than $403,000 to supporters of the trigger bill, such as Texas State Senator Lois Kolkhorst, Texas State Representative Greg Bonnen, and US Representative Steve Scalise from Louisiana.

USAA did not respond to a request for comment.

Consultant’s influence net

The giant professional services firms known as the Big Four (Deloitte, EY, KPMG, PwC) also play a strong role in the financial sector and exert a huge influence on business life. They may be deeply intertwined with clients’ efforts to create an inclusive workplace for underserved workers, collaborate with client companies’ teams, and publish extensive market research.

Deloitte and PwC advertise their diversity, equity and inclusion consulting services on their websites. And Deloitte’s study urged business leaders to recognize and address women’s unique health care needs.

“It’s time to make women + health a strategic priority for our community,” the company said. report A publication published last year addressed the needs of cisgender women, trans women, and non-binary people. “Leaders can go beyond current initiatives and use the COVID-19 pandemic as a catalyst to accelerate changes in women and health and deepen education, research and investment efforts in this area.”

Corporate donations tell another story.

Deloitte donated approximately $153,000 to the state legislators and governors responsible for passing the trigger bill, including Scalise and the late Mississippi Assemblyman Alan Nunnelee. Deloitte did not respond to a request for comment.

Meanwhile, Tim Ryan, PwC’s US Chairman and Senior Partner, said: vocal advocate To promote equity and inclusion, $75,000 has been donated to supporters of the law, including Senators Scalise, Hoeven and Mike Rounds of South Dakota.

Anyone with direct knowledge of the matter said they have no plans to continue making donations to the trigger-law legislatures or governors previously supported by PwC. It’s unclear whether the policy will extend to other anti-abortion lawmakers, and PwC did not respond to Insider’s request to explain its strategy.

Nevertheless, PwC’s decision is important not only because of the size of the American company and its diverse relationships in the consulting and accounting world, but also because most large corporations have recently been silent on the issue of abortion.

The silence contrasts with the rush of businesses to make statements and promises after other recent crises, such as the January 2021 Capitol Uprising and the May 2020 police murders.

Investors will see what comes next. Torres-Spelliscy says shareholders have been demanding greater transparency from businesses about their political spending for over a decade.

“Some investors say they support women’s autonomy, but point out the contradictions between companies that say one thing, like financially supporting lawmakers who promote laws that criminalize abortion and restrict reproductive freedom,” she said. said.

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