By Imani Moise
Oct 21 (Reuters) – Morgan Stanley said on Wednesday it will cover college expenses for 60 students at historically Black colleges and universities (HBCUs) in the banking industry’s latest attempt to address racial injustice after the death of George Floyd.
The Morgan Stanley HBCU Scholars program will fund the entire cost of attending Howard University, Morehouse College or Spelman College for students in any field of study. The bank has committed to spending $12 million on the program over four years.
“This is about something much bigger than banking and Morgan Stanley,” Chief Diversity Officer Susan Reid said in an interview. “This was about helping young adults of color who might not otherwise be able to afford college, regardless of whether they want to be a banker, or a doctor or a lawyer.”
The bank has also tapped its internal network of HBCU alumni to provide career readiness support to the selected students.
The banking industry has been criticized for its lack of racial diversity since the May 25 death in police custody of George Floyd, a Black man, sparked demonstrations and prompted introspection at companies across the country.
In June, a former diversity officer sued Morgan Stanley alleging racial discrimination, retaliation and violation of equal pay laws, according to a court filing. The bank has rejected the allegations and said the firm will defend itself.
Last month, Morgan Stanley started recruiting for a new program that aims to add more black employees to its trading division.
“In this moment, we are focused on black talent,” Reid said.
(Reporting by Imani Moise Editing by Nick Zieminski)
Related: The 18 private colleges where students go on to earn the most money
17 PHOTOSThe 18 private colleges where students go on to earn the most moneySee GalleryThe 18 private colleges where students go on to earn the most money
18. Wabash College
Early career median pay: $59,000
Mid-career median pay: $121,000
Alumni who believe their work makes the world a better place: 55%
Undergraduate enrollment: 926
16. (tie) Williams College
Early career median pay: $54,900
Mid-career median pay: $122,000
Alumni who believe their work makes the world a better place: 56%
Undergraduate enrollment: 2,072
(Barry Winiker via Getty Images)
16. (tie) Santa Clara University
Early career median pay: $62,500
Mid-career median pay: $122,000
Alumni who believe their work makes the world a better place: 49%
Undergraduate enrollment: 5,486
(Mariusz Jurgielewicz via Getty Images)
15. Georgetown University
Early career median pay: $58,300
Mid-career median pay: $123,000
Alumni who believe their work makes the world a better place: 53%
Undergraduate enrollment: 7,595
(John Woodworth / robertharding via Getty Images)
13. (tie) Clarkson University
Early career median pay: $63,500
Mid-career median pay: $124,000
Alumni who believe their work makes the world a better place: 55%
Undergraduate enrollment: 3,247
(Wikipedia Commons)
13. (tie) Dartmouth College
Early career median pay: $62,600
Mid-career median pay: $124,000
Alumni who believe their work makes the world a better place: 57%
Undergraduate enrollment: 4,289
(Jerry Moorman via Getty Images)
11. (tie) Duke University
Early career median pay: $63,000
Mid-career median pay: $125,000
Alumni who believe their work makes the world a better place: 60%
Undergraduate enrollment: 6,626
(Photo by Lance King/Getty Images)
11. (tie) California Institute of Technology
Early career median pay: $78,400
Mid-career median pay: $125,000
Alumni who believe their work makes the world a better place: 59%
Undergraduate enrollment: 983
(Danita Delimont via Getty Images)
10. Carnegie Mellon University
Early career median pay: $71,700
Mid-career median pay: $126,000
Alumni who believe their work makes the world a better place: 51%
Undergraduate enrollment: 5,888
(tupungato via Getty Images)
9. Yale University
Early career median pay: $62,500
Mid-career median pay: $129,000
Alumni who believe their work makes the world a better place: 66%
Undergraduate enrollment: 5,477
(uschools via Getty Images)
7. (tie) University of Pennsylvania
Early career median pay: $65,300
Mid-career median pay: $130,000
Alumni who believe their work makes the world a better place: 56%
Undergraduate enrollment: 11,548
(f11photo via Getty Images)
7. (tie) Babson College
Early career median pay: $60,100
Mid-career median pay: $130,000
Alumni who believe their work makes the world a better place: 36%
Undergraduate enrollment: 2,107
(Photo by David L. Ryan/The Boston Globe via Getty Images)
6. Harvey Mudd College
Early career median pay: $77,700
Mid-career median pay: $132,000
Alumni who believe their work makes the world a better place: 68%
Undergraduate enrollment: 804
(Photo by Ted Soqui/Corbis via Getty Images)
5. Stanford University
Early career median pay: $75,800
Mid-career median pay: $134,000
Alumni who believe their work makes the world a better place: 65%
Undergraduate enrollment: 7,019
Michael Layefsky via Getty Images
4. Princeton University
Early career median pay: $67,300
Mid-career median pay: $135,000
Alumni who believe their work makes the world a better place: 60%
Undergraduate enrollment: 5,391
Andriy Prokopenko via Getty Images
2. Massachusetts Institute of Technology (MIT)
Early career median pay: $81,100
Mid-career median pay: $140,000
Alumni who believe their work makes the world a better place: 62%
Undergraduate enrollment: 4, 512
REUTERS/Brian Snyder
1. Harvard University
Early career median pay: $66,600
Mid-career median pay: $141,000
Alumni who believe their work makes the world a better place: 64%
Undergraduate enrollment: 10,338
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