Morgan Stanley Investment Bank has announced a plan to start an HBCU Scholars Program that will provide $12 million and scholarships for 60 students of HBCUs over the next four years.
The scholarships will be academic and need-based for students that attend Howard University, Morehouse College, and Spelman College.
The program will begin in fall 2021 with 15 HBCU students being added to the program each semester. In addition to scholarships, Morgan Stanley will also provide students with career readiness support and training opportunities within the bank.
Susan Reid, global head of diversity and inclusion for Morgan Stanley, had this to say in a statement about the bank’s Scholars program plan,
“To close the racial wealth gap, we know that Black academic and economic advancement is essential. Racial inequity around access to and affordability of higher education can impact Black students’ ability to grow generational wealth. Historically Black Colleges and Universities continue to lead the way in leveling the playing field while creating an environment for students of color to thrive.”
Morgan Stanley’s HBCU Scholars Program continues the trend of the bank’s commitment to addressing issues related to racial inequality and racial diversity. Two weeks earlier, JPMorgan Chase Bank would be committing to donate $30 billion in the fight for racial equality.
Meanwhile, Citi Bank and Bank of America each announced they would each be pledging $1 billion toward promoting racial equality.