Hi, Aaron Weinman here. The US Supreme Court voted to strike down Roe v. Wade on Friday, leaving the legal fate of abortion up to individual states.
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Let's understand how Wall Street firms are responding. Some are touting pro-choice business decisions, while also expanding in the very states that have waited years for SCOTUS to overturn the divisive ruling.
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1. SCOTUS struck down Roe v. Wade on Friday. The decision — which had been largely expected since an initial draft opinion was published by Politico in May — comes as Wall Street juggles the implementation of policies to support staff who seek abortions, without running afoul of pro-life clients and states where some firms are expanding their presence.
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Bank of America, Goldman Sachs, and JPMorgan all agreed on Friday to cover travel costs for staff seeking abortions. Goldman's decision, outlined in this memo, was first reported by Insider. JPMorgan said it would cover travel expenses for abortion-seeking staff from July.
Citi was the first major US bank to make that commitment after new restrictions were put on abortions in states like Texas in March.
In an era of stakeholder capitalism, these firms walk a fine line, and risk alienating shareholders, employees, and clients — and losing their business — if they appear to support one cause over another.
Matt Rinaldi, the chairman of the Republican Party of Texas, called Citi's decision "appalling" in March, and urged Republicans to snub the US' fourth-largest lenders services.
Goldman's decision, meanwhile, comes just days after it revealed plans to occupy a new office tower in Dallas, Texas, that would house up to 5,000 staff.
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Despite Wall Street banks' decision to cover travel expenses for abortions, Insider found that financial services companies — including Citi and JPMorgan — have given thousands of dollars in donations to individuals who sponsored bills that stifle access to legal abortion.
There's no question that financial-services firms have sought to position themselves as open, equitable workplaces. The industry's been long-dominated by white men, and firms have tried for years to broaden their appeal to women and communities of color.
Friday's SCOTUS decision — and Wall Street's reaction to it — will be closely watched.
Don't miss the below series of stories from Insider on how the overturning of Roe v. Wade impacts Wall Street and corporate America:
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