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Morgan Stanley commits $20 million for education initiative -Breaking

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© Reuters. FILEPHOTO: This sign can be seen on New York’s Morgan Stanley Building, U.S.A. July 16, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) – Morgan Stanley (NYSE:) Monday’s $20 million pledge to support education and careers for students of low-to-moderate-income backgrounds was the latest action by Wall Street to tackle under-representation.

Bank officials stated that the new initiative will affect more than 33,000 students. It was designed to address the systemic inequalities of education and the resulting negative career outcomes for high school and college students.

In the five years to come, the bank will use the $20 million.

Morgan Stanley had unveiled in 2005 a scholarship program for historically Black college and university students (HBCUs) following the passing of George Floyd. This purpose will see it spend $12 million in four years.

It also partners with notable non profit organizations such as A Better Chance, Hispanic Federation and SEO.

Morgan Stanley’s Institute for Inclusion was launched in November 2013 with an initial $25 million commitment. The advisory board included 11 members representing the business, academic, and philanthropic sectors.

This body was created to promote diversity, equity, and inclusion in the bank as well as in community.

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