Bank Of America Executive: N.C. Gay Marriage Ban Would 'Have A Disastrous Effect' (VIDEO)

Banning gay marriage is bad for business, according to one top executive at Bank of America.

A proposal to ban gay marriage in North Carolina could drive away talent from the state where BofA is based (h/t Businessweek), Cathy Bessant, a global technology and operations executive at Bank of America, said in a video on YouTube earlier this month.

"We're in a war with other states across the country who would love to have the jobs that we have today," Bessant said in the video for Protect All NC Families. "Amendment One is a direct challenge to our ability to compete nationally for jobs and economic growth. Large corporations hate this kind of controversy."

North Carolina residents will vote on a constitutional amendment to ban gay marriages and civil unions in the state constitution on May 8. Gay marriage is already illegal in the state.

Bessant isn't the first big bank executive to express support for gay marriage. In February, Goldman Sachs CEO Lloyd Blankfein filmed a spot for the Human Rights Campaign in which he came out in favor of marriage equality.

"America's corporations learned long ago that equality is just good business and is the right thing to do," Blankfein said in the video.

Financial sector executives' gay rights advocacy may not be surprising considering that big banks are among the most LGBT-friendly workplaces in the country, according to the Human Rights Campaign's Corporate Equality Index. And it's Bank of America that is the most LGBT-friendly bank , ranking second on the list overall, according to the study.

Check out the other most LGBT-friendly workplaces:

Comments

[CAMBEL]

03:55 PM on 04/11/2012

The GOP are the most anti-business party I've ever seen. They attack anything to improve infrastructure or high speed rail, claiming that there isn't the money, although they can give bonuses to the Wall st. CEO's with taxpayer money. Even though infrastucture and high speed transport make it easy for corporations to get materials and ship out their goods as well as getting their employees to work.
They attack the Post office, even though their cheap bulk mailing is how companies get out their bills, invoices etc... to huge numbers of customers.
They fight ANYTHING that will lower our dependence on Oil and consequently the money that flows overseas to places like Saudi Arabia.
They fight ANYTHING That will stop the offshoring of our jobs to India and China by lying and claiming our corporate tax rate is too high, they leave out the part where countries like India actually have a HIGHER corporate rate than the U.S.

And lastly, they attack groups like gays that just want to be left alone and live their lives. As BofA says, it's bad business.

The GOP is any business, anti-capitalism, which makes them anti-American.

[625fan]

01:20 PM on 04/08/2012

Well I will not vacation in NC ever again. Why do I want to spend my money to help create where people can't marry who they love.The South is so hateful yet they tote aruond theirt bibles like they are the choosen ones to hate.. I am just tired of all this hating on gays already. Give equal rights and move on to stop wars, world hunger, and fresh water to the these kids in other countries that don't have have clean water. They have to take pills because their bellies are full of parasites for the dirty water.. My point is this gay issues should not be an issue any more.We need to put our engery on more important things. And quit reliving this GOP issue. Every election we are thrown under the bus for being Gay. Look how many votes Rick S. That is rediculous. Now George Sr. is backing Mitt. I think we had enough of the Bushes. We don't need a preacher Rick as President.

[RobertoM]

10:48 PM on 03/27/2012

This is important. This is the kind of argument that people will listen to in states deciding on gay marriage, particularly when economic considerations are at the forefront. The more it can be shown that it make sense to extend civil protections to gay people in addition to being just and right, the more of a case we will have.

[CAMBEL]

03:57 PM on 04/11/2012

I hope you're right, but many seem to love their hate more than anything else...including money.

[FantasticFourFan]

10:44 PM on 03/27/2012

Face it, cons, gay bashing is bad for business. No amount of spin will change this. Looks like you'll have to choose what's more important to you: hating gay people or doing what's best for the people who write your checks. For most people this wouldn't be a tough choice. But I know that your irrational hatred of gays trumps all else with you.

[tagkev]

09:31 PM on 03/27/2012

do you think for one minute that"big industry" would be diverse if gov wouldnt have passed laws???,,,,
the janitor would have had more to say...

[clarisechi]

01:53 PM on 03/28/2012

Do you even understand the context of this article? The bank (i.e. "big industry") is trying to push diversity legislation. They are advocating it...it is NOT being forced upon them.

[Skeptical Cicada]

02:23 PM on 03/27/2012

B of A never should have moved its headquarters from San Francisco to Charlotte to begin with.

[Mo in VA]

08:34 PM on 03/27/2012

You think those Nationsbank people were gonna move to California?

It's like when America West bought US Airways, kept that name and within a year laid off the US Airways staff they had moved out to Phoenix.

[wolfpeace]

12:56 PM on 03/27/2012

If NC bans gay marriage and civil unions then B of A should move to another state.

B of A is one of the few banks that can allow a transsexual to have both the legal and "other" name on the account.

[BigdaveB]

10:46 PM on 03/27/2012

WTF r u talking about? You do not have to be married to share a bank account. All that is needed is for all persons on the account to sign the form when opening the account and maintain a signature card.

There is no law that prohibits anyone from sharing an account.

So what difference does it make if they do pass AM#1? BoA is making a socio-political statement - not a business one.

[CAMBEL]

03:49 PM on 04/11/2012

You misunderstood their post. They are saying that a transgender can have BOTH their legal name, and what they prefer to be called on their account.

[nonChristian]

10:11 AM on 03/27/2012

Gay people have Money. I don't know how but majority gays are rich. Even young ones(young adults not teenagers) are comparatively rich. Maybe its just what I see.

[Andre Fabre]

03:16 PM on 03/27/2012

The majority of gay people are not rich. Granted, we don't have the same expenses as a family with children, but is the lack of children that makes for the "rich" look. We might dress well, but that does not equates with wealth; just that we know how to dress well...

[chesscub]

04:34 PM on 03/27/2012

Most studies show that gay people are paid less than their straight counterparts.

[BigdaveB]

10:47 PM on 03/27/2012

Not in my experience...most gays I know make a helluva lot more money that I do, and I make a pretty good salary.

[nonChristian]

08:14 AM on 03/28/2012

Ohh that is just not true. I sort of agree the no kids part plays its role but gays most certainly don't get paid less. There are many forms of discrimination and injustice they are subjected to, but money is not one of them.

[AliveInNYC]

08:41 AM on 03/27/2012

Republicans claim to be pro-business which they think leads to job creation. So here's a leading bank executive stating that bans on same sex marriage will hurt businesses in the area.

Seems to me there's really only one logical answer to this....

[TheAmusementOfPolitics]

09:47 PM on 03/27/2012

Ban it in all "57" states so no state would have an advantage over another! Problem solved. See how easy that was?

[FantasticFourFan]

10:42 PM on 03/27/2012

Or you bigots could mind your own business and stop interfering in things that don't concern you like other people's marriages. You know, practice that whole "small government" thing you all claim to believe in.

[CAMBEL]

03:59 PM on 04/11/2012

Most studies say that overly anti-gay people are that way because they fear their own homosexual feelings.

How do you feel about that Sally?

[BigdaveB]

10:48 PM on 03/27/2012

Yeah, do my banking elsewhere. BoA is not doing this for a business reason, this is an agenda...

[CAMBEL]

04:00 PM on 04/11/2012

LOL!! Yeah, a bank that doesn't want to make money. Nice try bigot.

[blair3b]

07:01 AM on 03/27/2012

Bessant unwittingly attempts to create the association between these liberal concepts and "talent" or otherwise intellectually sound positions. On the other hand, she is very witting to bludgeoning her workforce with massive layoffs and her customers with increasingly onerous charges. BofA needs to focus on what really makes business sense, and not the political or social agenda of the day.

[chesscub]

04:37 PM on 03/27/2012

Why would gay people go to a state where they aren't afforded basic protections? There is a strong correlation between being able to attract talent and civil rights.

[BigdaveB]

10:50 PM on 03/27/2012

How are they not protected? Is AM#1 going to take away their constitutional liberties or somehow directly endanger their lives? Ummm....nope.

[BigdaveB]

10:48 PM on 03/27/2012

well said, well said...

[sonnybrakes]

06:03 AM on 03/27/2012

It's time to ban all marriages and decriminalize marijuana possession; who's with me?

[tagkev]

09:32 PM on 03/27/2012

i am

[Jim in California]

12:35 AM on 03/27/2012

A banker with a heart? Who knew?

[valkygrrl]

12:43 AM on 03/27/2012

Even Dick Cheney has one these days.

[Jim in California]

12:59 AM on 03/27/2012

Fanned and Faved! Thanks for that funny!

[romano70]

01:28 PM on 03/27/2012

True. However, keep in mind the one Dick has now is not his, is a transplant.

[mikefly562]

12:00 AM on 03/27/2012

When prop 8 passed in California to ban gay marriages, all the $$$ and workers that support catering and wedding events are gone, loss of potential income. The catholic and Mormon churches are to blame and should be taxed.

[BigdaveB]

10:55 PM on 03/27/2012

Uh, and your proof of that is where? I have family in California that work in that industry and they are unaffected by Prop8 - except for some gay staff who left for NC to work at BoA!!

LOL

Blame the Catholic Church?? An organization that had one of the world's biggest sex scandals ever? Ha ha ha ha ha ha ha ha ha ha ha......

[CAMBEL]

04:04 PM on 04/11/2012

So lets see, you have family in CA. so you know. Gee, that must be the end of that then.

This is easy. You just track the number of gay marraiges outside of CA. by people who live in CA. Sorry, was that too difficult?

By the way, you are supposedly hetrosexual and yet you have spent a HUGE amount of time on this gay story in the gay section of this publication. Most studies show that homophobic people are usually upset and afraid of their own gay feelings.
A REAL hetrosexual wouldn't be obsessed with posting here...as you are.

[clarisechi]

01:57 PM on 03/28/2012

Don't forget the blacks.

[joemondo]

10:03 PM on 03/26/2012

I'm less concerned with why BoA is saying the right thing than I am that they say the right thing.

[werewolf90210]

09:06 PM on 03/26/2012

OK, the Chevron 1st place was a shocker. Not sure why, but it just somehow seems wrong they're in 1st place here. Aside from that, Republicans...LISTEN to one of your corporate masters! Gay is Good! :)

[dan54b]

01:51 AM on 03/27/2012

Chevron is based in the bay-area, in my home town in fact, San Ramon, CA. I know several gay executives that work there.

[werewolf90210]

02:23 AM on 03/27/2012

Hey, I live primarily in LA and also have a place in wine country. I am happy to hear it, was just surprised...pleasantly! :)

[clarisechi]

01:59 PM on 03/28/2012

It's largely a liberal run organization.

[CAMBEL]

04:07 PM on 04/11/2012

Interesting how that often is the case when it comes to treating people like humans, and civil rights isn't it?