Listen to this article here
Sign-Up for a free subscription to The Black Wall Street Times‘ daily newsletter, Black Editors’ Edition (BEE) – our curated news selections & opinions by us for you.
J.P. Morgan Wealth Management is expanding its commitment to empowering Black students and communities. The financial giant has partnered with the United Negro College Fund (UNCF) to provide scholarships for students at Historically Black Colleges and Universities (HBCU) for opportunities to learn financial planning and wealth management.
The new program offers opportunities for students at 11 HBCUs to develop the education and skills needed for a career in financial services. Over the next five years, 75 students per year will not only receive the scholarship, but also mentorship and training in financial planning and wealth management.
“We’re committed to supporting diversity, equity and inclusion at J.P. Morgan Wealth Management, and that begins by investing in students early on and creating a path for their long-term career success,” said Christopher Thompson, head of Diverse Advisor Experience at J.P. Morgan Wealth Management. “We look forward to unlocking an enormous talent potential while boosting interest in a career as a financial advisor, which has excellent growth potential.”
Generous gift comes after discrimination lawsuit
While recipients of the scholarship will undoubtedly appreciate the funding to further their education, the announcement comes a few months after J.P. Morgan entered a voluntary settlement agreement with the U.S. Department of Housing and Urban Development after a Black woman alleged discrimination.
“The race of a homeowner and the racial composition of their neighborhood must not influence the valuation of a home,” said Jeanine Worden, HUD’s Acting Assistant Secretary for Fair Housing and Equal Opportunity in a March press release.
Regardless of the motivation behind the company’s generous gifts, however, it comes as a welcome surprise to the many students seeking a better future for themselves and their families.
Programs and internships
Student scholarship recipients will have the opportunity to attend two summer programs: the Advancing Black Pathways Fellowship Program and the J.P. Morgan Wealth Management Service Center Internship. The internship is a brand-new opportunity, the first offering of its kind for HBCU students. The J.P. Morgan financial scholarship will then be applied to students in their final year of school.
UNCF is proud of the partnership and initiative from J.P. Morgan. “Partnerships like this make the path for students of color clearer, helping them achieve goals they might not otherwise be able to attain,” said Dr. Michael L. Lomax, president and CEO of UNCF. “We are thankful for the investment of J.P. Morgan Wealth Management and the company’s strong belief in changing the futures of those who have talent and drive—no matter who they are or where they come from. All HBCUs and their students hope this partnership can be a model of success for others within the corporate giving community.”
The opportunity is offered to students from 11 eligible HBCUs, with applications due on June 24. To apply, visit the scholarship website.