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United States. Supreme Court

Wall Street's Response to Roe v. Wade Overturning: Banks Commit to Covering Travel Costs for Employees

Strategic Insights

— 2 min read

As the US Supreme Court overturned Roe v. Wade, the largest US banks have started to respond to the decision, with some committing to cover travel costs for employees seeking abortions in states where the procedure is now restricted. Goldman Sachs, Bank of America, Citi, and Wells Fargo have sent emails to employees addressing the court's decision, while JPMorgan has pledged to pay for travel to states where abortion is legal. This move reflects the pressure on powerful firms in Wall Street's orbit to respond to societal issues, like racial inequity and LGBTQ rights, and walk a fine line between supporting causes and alienating shareholders, employees, and clients.

Key Takeaways:

  • Eight firms on Wall Street have responded to the Roe v. Wade decision, with some committing to cover travel costs for employees seeking abortions.
  • Goldman Sachs, Bank of America, Citi, and Wells Fargo have sent emails to employees addressing the court's decision, while JPMorgan has pledged to pay for travel to states where abortion is legal.
  • Deutsche Bank is updating its health benefits to cover travel and lodging costs for medical treatments that are 100 miles away or more, including abortion care.
  • Jefferies Financial Group has told staffers that it will pay for the costs of abortion-related travel and will independently donate a combined $1 million to "causes that champion women's rights."
  • Citi's head of human resources, Sara Wechter, has referred to the bank's commitment made in March to cover the costs of staff traveling to receive abortion care.
  • Morgan Stanley will incorporate coverage for travel costs tied to pregnancy care into its employee benefits offerings starting on July 1.

Statistics:

  • Eight firms on Wall Street have responded to the Roe v. Wade decision, with some committing to cover travel costs for employees seeking abortions.
  • Goldman Sachs will reimburse costs for employees to travel out of state to seek an abortion.
  • JPMorgan will pay for travel to states that allow legal abortions.
  • Deutsche Bank is updating its health benefits to cover travel and lodging costs for medical treatments that are 100 miles away or more, including abortion care.
  • Citi has committed to cover the costs of staff traveling to receive abortion care, a policy the bank made in March.
  • Jefferies Financial Group has pledged to pay for the costs of abortion-related travel and will independently donate a combined $1 million to "causes that champion women's rights."

Sources:

  • Business Insider: "Supreme Court Abortion Decision Final Ruling: Roe v. Wade Reversal Explained"
  • Business Insider: "Businesses React to Supreme Court Overturn of Roe v. Wade"
  • CNBC: "JPMorgan tells employees the bank will pay for travel to states that allow abortion"
  • Business Insider: "Jefferies Financial Group abortion travel costs Roe v. Wade"
  • Business Insider: "Citi to cover costs of staff leaving states for abortions"
  • Wall Street Journal: "Morgan Stanley Joins Citi in Covering Travel Expenses for Employee Abortions"

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